Delaware | 56-1528994 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) | |
4300 Six Forks Road | ||
Raleigh, North Carolina 27609 | ||
(Address of principal executive offices, ZIP code) | ||
(919) 716-7000 | ||
(Registrant's telephone number, including area code) |
Title of each class | Name of each exchange on which registered | |
Class A Common Stock, Par Value $1 | NASDAQ Global Select Market |
Large accelerated filer x | Accelerated filer ¨ | Non-accelerated filer ¨ | Smaller reporting company ¨ |
Page | |||
CROSS REFERENCE INDEX | |||
PART I | Item 1 | ||
Item 1A | |||
Item 1B | Unresolved Staff Comments | None | |
Item 2 | |||
Item 3 | |||
PART II | Item 5 | ||
Item 6 | |||
Item 7 | |||
Item 7A | |||
Item 8 | Financial Statements and Supplementary Data | ||
Item 9 | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure | None | |
Item 9A | |||
Item 9B | Other Information | None | |
PART III | Item 10 | Directors, Executive Officers and Corporate Governance | * |
Item 11 | Executive Compensation | * | |
Item 12 | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | * | |
Item 13 | Certain Relationships and Related Transactions and Director Independence | * | |
Item 14 | Principal Accounting Fees and Services | * | |
PART IV | Item 15 | Exhibits, Financial Statement Schedules | |
(1) | Financial Statements (see Item 8 for reference) | ||
(2) | All Financial Statement Schedules normally required for Form 10-K are omitted since they are not applicable, except as referred to in Item 8. | ||
(3) |
• | Harvest Community Bank (HCB) of Pennsville, New Jersey on January 13, 2017 |
• | First CornerStone Bank (FCSB) of King of Prussia, Pennsylvania on May 6, 2016 |
• | North Milwaukee State Bank (NMSB) of Milwaukee, Wisconsin on March 11, 2016 |
• | Capitol City Bank & Trust (CCBT) of Atlanta, Georgia on February 13, 2015 |
• | Capital Planning and Stress Testing. The Dodd-Frank Act mandated that stress tests be developed and performed to ensure that financial institutions have sufficient capital to absorb losses and support operations during multiple economic and bank scenarios. Bank holding companies with total consolidated assets between $10 billion and $50 billion, including BancShares, undergo annual company-run stress tests. As directed by the Federal Reserve, summaries of BancShares’ annual results in the severely adverse stress tests were made available to the public starting in June 2015. The results of stress testing activities will be considered by our Risk Committee in combination with other risk management and monitoring practices as part of our risk management program. |
• | The Volcker Rule. The Dodd-Frank Act prohibits insured depository institutions and their holding companies from engaging in proprietary trading except in limited circumstances, and prohibits them from owning equity interests in excess of 3 percent of Tier 1 capital in private equity and hedge funds (Volcker Rule). Each regulated entity is required to establish an internal compliance program that is consistent with the extent to which it engages in activities covered by the Volcker Rule. Although the rules provide some tiering of compliance and reporting obligations based on size, the fundamental prohibitions of the Volcker Rule apply to banking entities of any size, including BancShares and FCB. The adoption of |
• | Ability-to-Repay and Qualified Mortgage Rule. Creditors are required to comply with mortgage reform provisions prohibiting the origination of any residential mortgages that do not meet rigorous Qualified Mortgage standards or Ability-to-Repay standards. All mortgage loans originated by FCB meet Ability-to-Repay standards and a substantial majority also meet Qualified Mortgage standards. |
Basel III minimum requirement 2016 | Basel III well-capitalized 2016 | Basel III minimum requirement 2019 | Basel III well-capitalized 2019 | ||||
Leverage ratio | 4.00% | 5.00% | 4.00% | 5.00% | |||
Common equity Tier 1 | 4.50 | 6.50 | 4.50 | 6.50 | |||
Common equity Tier 1 plus conservation buffer | 5.13 | 7.13 | 7.00 | 9.00 | |||
Tier 1 capital ratio | 6.00 | 8.00 | 6.00 | 8.00 | |||
Tier 1 capital ratio plus conservation buffer | 6.63 | 8.63 | 8.50 | 10.50 | |||
Total capital ratio | 8.00 | 10.00 | 8.00 | 10.00 | |||
Total capital ratio plus conservation buffer | 8.63 | 10.63 | 10.50 | 12.50 |
• | allow our Board of Directors to issue and set the terms of preferred shares without further shareholder approval; |
• | limit who can call a special meeting of shareholders; and |
• | establish advance notice requirements for nominations for election to the Board of Directors and proposals of other business to be considered at annual meetings of shareholders. |
2016 | 2015 | ||||||||||||||||||||||||||||||
Fourth quarter | Third quarter | Second quarter | First quarter | Fourth quarter | Third quarter | Second quarter | First quarter | ||||||||||||||||||||||||
Cash dividends (Class A and Class B) | $ | 0.30 | $ | 0.30 | $ | 0.30 | $ | 0.30 | $ | 0.30 | $ | 0.30 | $ | 0.30 | $ | 0.30 | |||||||||||||||
Class A sales price | |||||||||||||||||||||||||||||||
High | 367.00 | 294.50 | 262.49 | 257.97 | 263.62 | 266.01 | 261.27 | 264.95 | |||||||||||||||||||||||
Low | 280.98 | 245.60 | 229.51 | 217.41 | 215.98 | 213.74 | 226.09 | 221.61 | |||||||||||||||||||||||
Class B bid price | |||||||||||||||||||||||||||||||
High | 318.00 | 258.51 | 237.00 | 233.25 | 245.00 | 246.01 | 244.66 | 246.74 | |||||||||||||||||||||||
Low | 252.00 | 219.00 | 214.00 | 197.36 | 202.05 | 197.05 | 228.01 | 212.00 |
(Dollars in thousands, except share data) | 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||
SUMMARY OF OPERATIONS | |||||||||||||||||||
Interest income | $ | 987,757 | $ | 969,209 | $ | 760,448 | $ | 796,804 | $ | 1,004,836 | |||||||||
Interest expense | 43,082 | 44,304 | 50,351 | 56,618 | 90,148 | ||||||||||||||
Net interest income | 944,675 | 924,905 | 710,097 | 740,186 | 914,688 | ||||||||||||||
Provision (credit) for loan and lease losses | 32,941 | 20,664 | 640 | (32,255 | ) | 142,885 | |||||||||||||
Net interest income after provision for loan and lease losses | 911,734 | 904,241 | 709,457 | 772,441 | 771,803 | ||||||||||||||
Gain on acquisitions | 5,831 | 42,930 | — | — | — | ||||||||||||||
Noninterest income | 482,240 | 424,158 | 343,213 | 267,382 | 192,254 | ||||||||||||||
Noninterest expense | 1,048,738 | 1,038,915 | 849,076 | 771,380 | 766,933 | ||||||||||||||
Income before income taxes | 351,067 | 332,414 | 203,594 | 268,443 | 197,124 | ||||||||||||||
Income taxes | 125,585 | 122,028 | 65,032 | 101,574 | 64,729 | ||||||||||||||
Net income | $ | 225,482 | $ | 210,386 | $ | 138,562 | $ | 166,869 | $ | 132,395 | |||||||||
Net interest income, taxable equivalent | $ | 949,768 | $ | 931,231 | $ | 714,085 | $ | 742,846 | $ | 917,664 | |||||||||
PER SHARE DATA | |||||||||||||||||||
Net income | $ | 18.77 | $ | 17.52 | $ | 13.56 | $ | 17.35 | $ | 12.92 | |||||||||
Cash dividends | 1.20 | 1.20 | 1.20 | 1.20 | 1.20 | ||||||||||||||
Market price at period end (Class A) | 355.00 | 258.17 | 252.79 | 222.63 | 163.50 | ||||||||||||||
Book value at period end | 250.82 | 239.14 | 223.77 | 215.35 | 193.29 | ||||||||||||||
SELECTED PERIOD AVERAGE BALANCES | |||||||||||||||||||
Total assets | $ | 32,439,492 | $ | 31,072,235 | $ | 24,104,404 | $ | 21,295,587 | $ | 21,073,061 | |||||||||
Investment securities | 6,616,355 | 7,011,767 | 5,994,080 | 5,206,000 | 4,698,559 | ||||||||||||||
Loans and leases (1) | 20,897,395 | 19,528,153 | 14,820,126 | 13,163,743 | 13,560,773 | ||||||||||||||
Interest-earning assets | 30,267,788 | 28,893,157 | 22,232,051 | 19,433,947 | 18,974,915 | ||||||||||||||
Deposits | 27,515,161 | 26,485,245 | 20,368,275 | 17,947,996 | 17,727,117 | ||||||||||||||
Interest-bearing liabilities | 19,158,317 | 18,986,755 | 15,273,619 | 13,910,299 | 14,298,026 | ||||||||||||||
Long-term obligations | 811,755 | 547,378 | 403,925 | 462,203 | 574,721 | ||||||||||||||
Shareholders' equity | $ | 3,001,269 | $ | 2,797,300 | $ | 2,256,292 | $ | 1,936,895 | $ | 1,910,886 | |||||||||
Shares outstanding | 12,010,405 | 12,010,405 | 10,221,721 | 9,618,952 | 10,244,472 | ||||||||||||||
SELECTED PERIOD-END BALANCES | |||||||||||||||||||
Total assets | $ | 32,990,836 | $ | 31,475,934 | $ | 30,075,113 | $ | 21,193,878 | $ | 21,279,269 | |||||||||
Investment securities | 7,006,678 | 6,861,548 | 7,172,435 | 5,388,610 | 5,227,570 | ||||||||||||||
Loans and leases: | |||||||||||||||||||
PCI | 809,169 | 950,516 | 1,186,498 | 1,029,426 | 1,809,235 | ||||||||||||||
Non-PCI | 20,928,709 | 19,289,474 | 17,582,967 | 12,104,298 | 11,576,115 | ||||||||||||||
Interest-earning assets | 30,691,551 | 29,224,436 | 27,730,515 | 19,428,929 | 19,142,433 | ||||||||||||||
Deposits | 28,161,343 | 26,930,755 | 25,678,577 | 17,874,066 | 18,086,025 | ||||||||||||||
Interest-bearing liabilities | 19,467,223 | 18,955,173 | 18,930,297 | 13,654,436 | 14,213,751 | ||||||||||||||
Long-term obligations | 832,942 | 704,155 | 351,320 | 510,769 | 444,921 | ||||||||||||||
Shareholders' equity | $ | 3,012,427 | $ | 2,872,109 | $ | 2,687,594 | $ | 2,071,462 | $ | 1,859,624 | |||||||||
Shares outstanding | 12,010,405 | 12,010,405 | 12,010,405 | 9,618,941 | 9,620,914 | ||||||||||||||
SELECTED RATIOS AND OTHER DATA | |||||||||||||||||||
Rate of return on average assets | 0.70 | % | 0.68 | % | 0.57 | % | 0.78 | % | 0.63 | % | |||||||||
Rate of return on average shareholders' equity | 7.51 | 7.52 | 6.14 | 8.62 | 6.93 | ||||||||||||||
Average equity to average assets ratio | 9.25 | 9.00 | 9.36 | 9.10 | 9.07 | ||||||||||||||
Net yield on interest-earning assets (taxable equivalent) | 3.14 | 3.22 | 3.21 | 3.82 | 4.84 | ||||||||||||||
Allowance for loan and lease losses to total loans and leases: | |||||||||||||||||||
PCI | 1.70 | 1.72 | 1.82 | 5.20 | 7.74 | ||||||||||||||
Non-PCI | 0.98 | 0.98 | 1.04 | 1.49 | 1.55 | ||||||||||||||
Total | 1.01 | 1.02 | 1.09 | 1.78 | 2.38 | ||||||||||||||
Nonperforming assets to total loans and leases and other real estate at period end: | |||||||||||||||||||
Covered | 0.66 | 3.51 | 9.84 | 7.02 | 9.26 | ||||||||||||||
Noncovered | 0.67 | 0.79 | 0.66 | 0.74 | 1.15 | ||||||||||||||
Total | 0.67 | 0.83 | 0.91 | 1.25 | 2.30 | ||||||||||||||
Tier 1 risk-based capital ratio | 12.42 | 12.65 | 13.61 | 14.89 | 14.24 | ||||||||||||||
Common equity Tier 1 ratio | 12.42 | 12.51 | N/A | N/A | N/A | ||||||||||||||
Total risk-based capital ratio | 13.85 | 14.03 | 14.69 | 16.39 | 15.92 | ||||||||||||||
Leverage capital ratio | 9.05 | 8.96 | 8.91 | 9.80 | 9.21 | ||||||||||||||
Dividend payout ratio | 6.39 | 6.85 | 8.85 | 6.92 | 9.29 | ||||||||||||||
Average loans and leases to average deposits | 75.95 | 73.73 | 72.76 | 73.34 | 76.50 |
• | Loan growth was strong during 2016, as net balances increased by $1.50 billion to $21.74 billion, primarily driven by originated portfolio growth. |
• | Deposit growth continued in 2016, up $1.23 billion to $28.16 billion, primarily due to organic growth in low-cost demand deposits and checking with interest accounts. |
• | FCB successfully completed the NMSB, FCSB and Cordia acquisitions during 2016. All three acquisitions contributed to growth in loans and deposits during the year. |
• | The yield on the investment portfolio continued to improve, while deposit funding costs remained low. |
• | The early termination of certain FDIC shared-loss agreements during the year resulted in a net positive pre-tax earnings impact of $16.6 million. |
• | Earnings in 2016 included $26.7 million in investment securities gains and gains of $5.8 million recognized in connection with the NMSB and FCSB acquisitions. |
• | Core fee-based business contributed to higher noninterest income, led by growth of $17.6 million in merchant and cardholder income reflecting increases in sales volume. |
• | Strategic cost management efforts continue as evidenced by year-over-year noninterest expense growth of less than 1.0 percent. |
• | Net charge-offs remained low at 0.10 percent of average loans and leases in 2016, unchanged from 2015. However, provision expense increased by $12.3 million due to stabilized credit quality trends in the non-PCI portfolio and changes in reserves on impaired non-PCI loans and leases. |
• | BancShares remained well-capitalized at December 31, 2016 under Basel III capital requirements, with a leverage capital ratio of 9.05 percent, Tier 1 risk-based capital of 12.42 percent, common equity Tier 1 ratio of 12.42 percent and total risk-based capital ratio of 13.85 percent. |
Basel III minimum requirement 2016 | Basel III well-capitalized 2016 | Basel III minimum requirement 2019 | Basel III well-capitalized 2019 | ||||
Leverage ratio | 4.00% | 5.00% | 4.00% | 5.00% | |||
Common equity Tier 1 | 4.50 | 6.50 | 4.50 | 6.50 | |||
Common equity Tier 1 plus conservation buffer | 5.13 | 7.13 | 7.00 | 9.00 | |||
Tier 1 capital ratio | 6.00 | 8.00 | 6.00 | 8.00 | |||
Tier 1 capital ratio plus conservation buffer | 6.63 | 8.63 | 8.50 | 10.50 | |||
Total capital ratio | 8.00 | 10.00 | 8.00 | 10.00 | |||
Total capital ratio plus conservation buffer | 8.63 | 10.63 | 10.50 | 12.50 |
(Dollars in thousands) | As recorded by FCB | ||||||
Purchase price | $ | 37,053 | |||||
Assets | |||||||
Cash and due from banks | $ | 8,383 | |||||
Overnight investments | 3,081 | ||||||
Investment securities available for sale | 76,633 | ||||||
Loans and leases | 241,392 | ||||||
Premises and equipment | 4,151 | ||||||
Other real estate owned | 1,170 | ||||||
Income earned not collected | 1,990 | ||||||
Intangible assets | 2,210 | ||||||
Other assets | 10,318 | ||||||
Total assets acquired | 349,328 | ||||||
Liabilities | |||||||
Deposits | 292,192 | ||||||
Short-term borrowings | 30,164 | ||||||
Other liabilities | 747 | ||||||
Total liabilities assumed | $ | 323,103 | |||||
Fair value of net assets acquired | 26,225 | ||||||
Goodwill recorded for Cordia | $ | 10,828 |
(Dollars in thousands) | As recorded by FCB | |||
Assets | ||||
Cash and due from banks | $ | 748 | ||
Overnight investments | 37,540 | |||
Investment securities | 4,564 | |||
Loans | 43,776 | |||
Other real estate owned | 375 | |||
Income earned not collected | 8 | |||
Intangible assets | 390 | |||
Other assets | 13 | |||
Total assets acquired | 87,414 | |||
Liabilities | ||||
Deposits | 96,882 | |||
Other liabilities | 23 | |||
Total liabilities assumed | 96,905 | |||
Fair value of net liabilities assumed | (9,491 | ) | ||
Cash received from FDIC | 12,450 | |||
Gain on acquisition of FCSB | $ | 2,959 |
(Dollars in thousands) | As recorded by FCB | ||
Assets | |||
Cash and due from banks | $ | 4,545 | |
Overnight investments | 2,274 | ||
Investment securities available for sale | 9,425 | ||
Loans | 36,914 | ||
Other intangible assets | 240 | ||
Other assets | 216 | ||
Total assets acquired | 53,614 | ||
Liabilities | |||
Deposits | 59,206 | ||
Short-term borrowings | 1,662 | ||
Other liabilities | 74 | ||
Total liabilities assumed | $ | 60,942 | |
Fair value of net liabilities assumed | (7,328 | ) | |
Cash received from FDIC | 10,200 | ||
Gain on acquisition of NMSB | $ | 2,872 |
Entity | Date of transaction | Fair value of loans at acquisition date | ||||
(Dollars in thousands) | ||||||
First Cornerstone Bank (FCSB) | May 6, 2016 | $ | 43,776 | |||
North Milwaukee State Bank (NMSB) | March 11, 2016 | 36,914 | ||||
Capitol City Bank & Trust (CCBT) | February 13, 2015 | 154,496 | ||||
Colorado Capital Bank (CCB) | July 8, 2011 | 320,789 | ||||
Atlantic Bank & Trust (ABT) (1) | June 3, 2011 | 112,238 | ||||
United Western Bank (United Western) | January 21, 2011 | 759,351 | ||||
Williamsburg First National Bank (WFNB) (1) | July 23, 2010 | 55,054 | ||||
Sun American Bank (SAB) | March 5, 2010 | 290,891 | ||||
First Regional Bank (First Regional) | January 29, 2010 | 1,260,249 | ||||
Georgian Bank (GB) (1) | September 25, 2009 | 979,485 | ||||
Venture Bank (VB) | September 11, 2009 | 456,995 | ||||
Temecula Valley Bank (TVB) | July 17, 2009 | 855,583 | ||||
Total | $ | 5,325,821 | ||||
Carrying value of FDIC-assisted acquired loans as of December 31, 2016 | $ | 577,907 |
Fair value at acquisition date (1) | Losses/expenses incurred through 12/31/2016 (2) | Cumulative amount reimbursed by FDIC through 12/31/2016 (3) | Carrying value at December 31, 2016 | Current portion of receivable due from (to) FDIC for 12/31/2016 filings | Prospective amortization (accretion) (4) | |||||||||||||||||
(Dollars in thousands) | FDIC shared-loss receivable | FDIC shared-loss payable | ||||||||||||||||||||
Entity | ||||||||||||||||||||||
VB - combined losses | 138,963 | 156,441 | 124,724 | 92 | — | (147 | ) | 239 | ||||||||||||||
GB - combined losses | 279,310 | 900,712 | 464,894 | (571 | ) | — | (571 | ) | — | |||||||||||||
First Regional - combined losses | 378,695 | 211,923 | 136,567 | (705 | ) | 84,321 | (705 | ) | — | |||||||||||||
United Western | ||||||||||||||||||||||
Non-single family residential losses | 112,672 | 94,218 | 78,251 | (1,527 | ) | 12,687 | (1,527 | ) | — | |||||||||||||
Single family residential losses | 24,781 | 5,880 | 4,549 | 6,883 | — | — | 6,883 | |||||||||||||||
Total | $ | 934,421 | $ | 1,369,174 | $ | 808,985 | $ | 4,172 | $ | 97,008 | $ | (2,950 | ) | $ | 7,122 | |||||||
(1) | Fair value at acquisition date represents the initial fair value of the receivable from FDIC, excluding the payable to FDIC. For GB the acquisition date is when Bancorporation initially acquired the banks. | |||||||||||||||||||||
(2) | For GB the losses/expenses incurred through December 31, 2016 include amounts prior to BancShares' acquisition through merger with Bancorporation. | |||||||||||||||||||||
(3) | For GB the cumulative amount reimbursed by FDIC through December 31, 2016 include amounts prior to BancShares' acquisition through merger with Bancorporation. | |||||||||||||||||||||
(4) | Prospective amortization (accretion) reflects balances that, due to post-acquisition credit quality improvement, will be amortized over the shorter of the covered asset's life or the term of the loss share period. | |||||||||||||||||||||
Except where noted, each FDIC-assisted transaction has a separate shared-loss agreement for Single-Family Residential loans (SFR) and Non-Single-Family Residential loans (NSFR). | ||||||||||||||||||||||
For VB, combined losses are covered at 80 percent up to $235.0 million and 95 percent for losses above $235.0 million. The shared-loss agreement expired on September 11, 2014 for all VB NSFR loans and will expire on September 11, 2019 for the SFR loans. | ||||||||||||||||||||||
For GB, combined losses are covered at 0 percent up to $327.0 million, 80 percent for losses between $327.0 million and $853.0 million and 95 percent above $853.0 million. The shared-loss agreement expired on September 25, 2014 for all GB NSFR loans and will expire on September 25, 2019 for the SFR loans. | ||||||||||||||||||||||
For First Regional, NSFR losses were covered at 0 percent up to $41.8 million, 80 percent for losses between $41.8 million and $1.02 billion and 95 percent for losses above $1.02 billion. The shared-loss agreement expired on January 29, 2015 for all First Regional NSFR loans. First Regional had no SFR loans. | ||||||||||||||||||||||
For United Western NSFR loans, losses are covered at 80 percent up to $111.5 million, 30 percent between $111.5 million and $227.0 million and 80 percent for losses above $227.0 million. The shared-loss agreement expired on January 21, 2016. | ||||||||||||||||||||||
For United Western SFR loans, losses are covered at 80 percent up to $32.5 million, 0 percent between $32.5 million and $57.7 million and 80 percent for losses above $57.7 million. The shared-loss agreement expires on January 21, 2021. | ||||||||||||||||||||||
2016 | 2015 | |||||||||||||||||||||
(Dollars in thousands, taxable equivalent) | Average Balance | Interest Income/ Expense | Yield/ Rate | Average Balance | Interest Income/ Expense | Yield/ Rate | ||||||||||||||||
Assets | ||||||||||||||||||||||
Loans and leases | $ | 20,897,395 | $ | 881,266 | 4.22 | % | $ | 19,528,153 | $ | 880,381 | 4.51 | % | ||||||||||
Investment securities: | ||||||||||||||||||||||
U.S. Treasury | 1,548,895 | 12,078 | 0.78 | 2,065,750 | 15,918 | 0.77 | ||||||||||||||||
Government agency | 332,107 | 2,941 | 0.89 | 801,408 | 7,095 | 0.89 | ||||||||||||||||
Mortgage-backed securities | 4,631,927 | 79,336 | 1.71 | 4,141,703 | 65,815 | 1.59 | ||||||||||||||||
Corporate bonds | 30,347 | 1,783 | 5.88 | 1,042 | 178 | 17.08 | ||||||||||||||||
State, county and municipal | 49 | 1 | 2.69 | 903 | 53 | 5.85 | ||||||||||||||||
Other | 73,030 | 911 | 1.25 | 961 | 28 | 2.93 | ||||||||||||||||
Total investment securities | 6,616,355 | 97,050 | 1.47 | 7,011,767 | 89,087 | 1.27 | ||||||||||||||||
Overnight investments | 2,754,038 | 14,534 | 0.53 | 2,353,237 | 6,067 | 0.26 | ||||||||||||||||
Total interest-earning assets | 30,267,788 | $ | 992,850 | 3.28 | % | 28,893,157 | $ | 975,535 | 3.38 | |||||||||||||
Cash and due from banks | 467,315 | 469,270 | ||||||||||||||||||||
Premises and equipment | 1,128,870 | 1,125,159 | ||||||||||||||||||||
FDIC shared-loss receivable | 7,370 | 18,637 | ||||||||||||||||||||
Allowance for loan and lease losses | (209,232 | ) | (206,342 | ) | ||||||||||||||||||
Other real estate owned | 66,294 | 76,845 | ||||||||||||||||||||
Other assets | 711,087 | 695,509 | ||||||||||||||||||||
Total assets | $ | 32,439,492 | $ | 31,072,235 | ||||||||||||||||||
Liabilities | ||||||||||||||||||||||
Interest-bearing deposits: | ||||||||||||||||||||||
Checking with interest | $ | 4,484,557 | $ | 910 | 0.02 | % | $ | 4,170,598 | $ | 856 | 0.02 | % | ||||||||||
Savings | 2,024,656 | 615 | 0.03 | 1,838,531 | 479 | 0.03 | ||||||||||||||||
Money market accounts | 8,148,123 | 6,472 | 0.08 | 8,236,160 | 7,051 | 0.09 | ||||||||||||||||
Time deposits | 2,959,757 | 10,172 | 0.34 | 3,359,794 | 12,844 | 0.38 | ||||||||||||||||
Total interest-bearing deposits | 17,617,093 | 18,169 | 0.10 | 17,605,083 | 21,230 | 0.12 | ||||||||||||||||
Repurchase obligations | 721,933 | 1,861 | 0.26 | 606,357 | 1,481 | 0.24 | ||||||||||||||||
Other short-term borrowings | 7,536 | 104 | 1.38 | 227,937 | 3,179 | 1.39 | ||||||||||||||||
Long-term obligations | 811,755 | 22,948 | 2.83 | 547,378 | 18,414 | 3.36 | ||||||||||||||||
Total interest-bearing liabilities | 19,158,317 | 43,082 | 0.22 | 18,986,755 | 44,304 | 0.23 | ||||||||||||||||
Demand deposits | 9,898,068 | 8,880,162 | ||||||||||||||||||||
Other liabilities | 381,838 | 408,018 | ||||||||||||||||||||
Shareholders' equity | 3,001,269 | 2,797,300 | ||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 32,439,492 | $ | 31,072,235 | ||||||||||||||||||
Interest rate spread | 3.06 | % | 3.15 | % | ||||||||||||||||||
Net interest income and net yield | ||||||||||||||||||||||
on interest-earning assets | $ | 949,768 | 3.14 | % | $ | 931,231 | 3.22 | % |
2014 | 2013 | 2012 | |||||||||||||||||||||||||||
Average Balance | Interest Income/ Expense | Yield/ Rate | Average Balance | Interest Income/ Expense | Yield/ Rate | Average Balance | Interest Income/ Expense | Yield/ Rate | |||||||||||||||||||||
(Dollars in thousands, taxable equivalent) | |||||||||||||||||||||||||||||
$ | 14,820,126 | $ | 703,716 | 4.75 | % | $ | 13,163,743 | $ | 759,261 | 5.77 | % | $ | 13,560,773 | $ | 969,802 | 7.15 | % | ||||||||||||
1,690,186 | 12,139 | 0.72 | 610,327 | 1,714 | 0.28 | 935,135 | 2,574 | 0.28 | |||||||||||||||||||||
1,509,868 | 7,717 | 0.51 | 2,829,328 | 12,783 | 0.45 | 2,857,714 | 16,339 | 0.57 | |||||||||||||||||||||
2,769,255 | 36,492 | 1.32 | 1,745,540 | 22,642 | 1.30 | 757,296 | 14,388 | 1.90 | |||||||||||||||||||||
4,779 | 254 | 5.31 | — | — | — | 129,827 | 2,574 | 1.98 | |||||||||||||||||||||
295 | 21 | 7.12 | 276 | 20 | 7.25 | 829 | 57 | 6.88 | |||||||||||||||||||||
19,697 | 385 | 1.95 | 20,529 | 321 | 1.56 | 17,758 | 340 | 1.91 | |||||||||||||||||||||
5,994,080 | 57,008 | 0.95 | 5,206,000 | 37,480 | 0.72 | 4,698,559 | 36,272 | 0.77 | |||||||||||||||||||||
1,417,845 | 3,712 | 0.26 | 1,064,204 | 2,723 | 0.26 | 715,583 | 1,738 | 0.24 | |||||||||||||||||||||
22,232,051 | $ | 764,436 | 3.44 | % | 19,433,947 | $ | 799,464 | 4.12 | % | 18,974,915 | $ | 1,007,812 | 5.31 | % | |||||||||||||||
493,947 | 483,186 | 529,224 | |||||||||||||||||||||||||||
943,270 | 874,862 | 876,802 | |||||||||||||||||||||||||||
61,605 | 168,281 | 350,933 | |||||||||||||||||||||||||||
(210,937 | ) | (257,791 | ) | (272,105 | ) | ||||||||||||||||||||||||
87,944 | 119,694 | 172,269 | |||||||||||||||||||||||||||
496,524 | 473,408 | 441,023 | |||||||||||||||||||||||||||
$ | 24,104,404 | $ | 21,295,587 | $ | 21,073,061 | ||||||||||||||||||||||||
$ | 2,988,287 | $ | 779 | 0.03 | % | $ | 2,346,192 | $ | 600 | 0.03 | % | $ | 2,105,587 | $ | 1,334 | 0.06 | % | ||||||||||||
1,196,096 | 624 | 0.05 | 968,251 | 482 | 0.05 | 874,311 | 445 | 0.05 | |||||||||||||||||||||
6,733,959 | 6,527 | 0.10 | 6,338,622 | 9,755 | 0.15 | 5,985,562 | 16,185 | 0.27 | |||||||||||||||||||||
3,159,510 | 16,856 | 0.53 | 3,198,606 | 23,658 | 0.74 | 4,093,347 | 39,604 | 0.97 | |||||||||||||||||||||
14,077,852 | 24,786 | 0.18 | 12,851,671 | 34,495 | 0.27 | 13,058,807 | 57,568 | 0.44 | |||||||||||||||||||||
159,696 | 350 | 0.22 | 108,612 | 316 | 0.29 | 143,140 | 504 | 0.35 | |||||||||||||||||||||
632,146 | 8,827 | 1.40 | 487,813 | 2,408 | 0.49 | 521,358 | 4,603 | 0.88 | |||||||||||||||||||||
403,925 | 16,388 | 4.06 | 462,203 | 19,399 | 4.20 | 574,721 | 27,473 | 4.78 | |||||||||||||||||||||
15,273,619 | 50,351 | 0.33 | 13,910,299 | 56,618 | 0.41 | 14,298,026 | 90,148 | 0.63 | |||||||||||||||||||||
6,290,423 | 5,096,325 | 4,668,310 | |||||||||||||||||||||||||||
284,070 | 352,068 | 195,839 | |||||||||||||||||||||||||||
2,256,292 | 1,936,895 | 1,910,886 | |||||||||||||||||||||||||||
$ | 24,104,404 | $ | 21,295,587 | $ | 21,073,061 | ||||||||||||||||||||||||
3.11 | % | 3.71 | % | 4.68 | % | ||||||||||||||||||||||||
$ | 714,085 | 3.21 | % | $ | 742,846 | 3.82 | % | $ | 917,664 | 4.84 | % |
2016 | 2015 | ||||||||||||||||||||||
Change from previous year due to: | Change from previous year due to: | ||||||||||||||||||||||
Yield/ | Total | Yield/ | Total | ||||||||||||||||||||
(Dollars in thousands) | Volume | Rate | Change | Volume | Rate | Change | |||||||||||||||||
Assets | |||||||||||||||||||||||
Loans and leases | $ | 59,635 | $ | (58,750 | ) | $ | 885 | $ | 217,932 | $ | (41,267 | ) | $ | 176,665 | |||||||||
Investment securities: | |||||||||||||||||||||||
U.S. Treasury | (4,013 | ) | 173 | (3,840 | ) | 2,819 | 960 | 3,779 | |||||||||||||||
Government agency | (4,165 | ) | 11 | (4,154 | ) | (4,986 | ) | 4,364 | (622 | ) | |||||||||||||
Mortgage-backed securities | 8,173 | 5,348 | 13,521 | 19,981 | 9,342 | 29,323 | |||||||||||||||||
Corporate bonds | 3,363 | (1,758 | ) | 1,605 | (446 | ) | 370 | (76 | ) | ||||||||||||||
State, county and municipal | (37 | ) | (15 | ) | (52 | ) | 40 | (8 | ) | 32 | |||||||||||||
Other | 1,505 | (622 | ) | 883 | (467 | ) | 110 | (357 | ) | ||||||||||||||
Total investment securities | 4,826 | 3,137 | 7,963 | 16,941 | 15,138 | 32,079 | |||||||||||||||||
Overnight investments | 1,578 | 6,889 | 8,467 | 2,394 | (39 | ) | 2,355 | ||||||||||||||||
Total interest-earning assets | $ | 66,039 | $ | (48,724 | ) | $ | 17,315 | $ | 237,267 | $ | (26,168 | ) | $ | 211,099 | |||||||||
Liabilities | |||||||||||||||||||||||
Interest-bearing deposits: | |||||||||||||||||||||||
Checking with interest | $ | 58 | $ | (4 | ) | $ | 54 | $ | 365 | $ | (288 | ) | $ | 77 | |||||||||
Savings | 96 | 40 | 136 | 208 | (353 | ) | (145 | ) | |||||||||||||||
Money market accounts | 83 | (662 | ) | (579 | ) | 1,350 | (826 | ) | 524 | ||||||||||||||
Time deposits | (1,424 | ) | (1,248 | ) | (2,672 | ) | 894 | (4,906 | ) | (4,012 | ) | ||||||||||||
Total interest-bearing deposits | (1,187 | ) | (1,874 | ) | (3,061 | ) | 2,817 | (6,373 | ) | (3,556 | ) | ||||||||||||
Repurchase obligations | 268 | 112 | 380 | 1,041 | 90 | 1,131 | |||||||||||||||||
Other short-term borrowings | (3,058 | ) | (17 | ) | (3,075 | ) | (5,622 | ) | (26 | ) | (5,648 | ) | |||||||||||
Long-term obligations | 8,159 | (3,625 | ) | 4,534 | 5,339 | (3,313 | ) | 2,026 | |||||||||||||||
Total interest-bearing liabilities | 4,182 | (5,404 | ) | (1,222 | ) | 3,575 | (9,622 | ) | (6,047 | ) | |||||||||||||
Change in net interest income | $ | 61,857 | $ | (43,320 | ) | $ | 18,537 | $ | 233,692 | $ | (16,546 | ) | $ | 217,146 |
Year ended December 31 | |||||||||||
(Dollars in thousands) | 2016 | 2015 | 2014 | ||||||||
Gain on acquisitions | $ | 5,831 | $ | 42,930 | $ | — | |||||
Cardholder services | 83,417 | 77,342 | 59,607 | ||||||||
Merchant services | 95,774 | 84,207 | 64,075 | ||||||||
Service charges on deposit accounts | 89,359 | 90,546 | 69,100 | ||||||||
Wealth management services | 80,221 | 82,865 | 66,115 | ||||||||
Fees from processing services | 71 | 180 | 17,989 | ||||||||
Securities gains | 26,673 | 10,817 | 29,096 | ||||||||
Other service charges and fees | 26,940 | 23,807 | 17,760 | ||||||||
Mortgage income | 20,348 | 18,168 | 5,828 | ||||||||
Insurance commissions | 11,150 | 11,757 | 11,129 | ||||||||
ATM income | 7,283 | 7,119 | 5,388 | ||||||||
Adjustments to FDIC receivable and payable for shared-loss agreements | (9,725 | ) | (19,009 | ) | (32,151 | ) | |||||
Net impact from FDIC shared-loss termination | 16,559 | — | — | ||||||||
Recoveries of PCI loans previously charged-off | 20,126 | 21,169 | 16,159 | ||||||||
Other | 14,044 | 15,190 | 13,118 | ||||||||
Total noninterest income | $ | 488,071 | $ | 467,088 | $ | 343,213 |
• | Merchant and cardholder services income increased by $17.6 million, or 10.9 percent, reflecting solid sales volume growth. |
• | The $16.6 million impact of the early termination of the FDIC shared-loss agreements. |
• | Gains on sales of securities increased $15.9 million in 2016 in response to changing market conditions. |
• | Lower FDIC receivable adjustments of $9.3 million resulting from a reduction in claims and lower amortization expense due to the early termination of the shared-loss agreements during 2016. |
Year ended December 31 | |||||||||||
(Dollars in thousands) | 2016 | 2015 | 2014 | ||||||||
Salaries and wages | $ | 428,351 | $ | 429,742 | $ | 349,279 | |||||
Employee benefits | 104,518 | 113,309 | 79,898 | ||||||||
Occupancy expense | 102,609 | 98,191 | 86,775 | ||||||||
Equipment expense | 92,501 | 92,639 | 79,084 | ||||||||
Merchant processing | 65,440 | 58,231 | 42,661 | ||||||||
Cardholder processing | 24,474 | 21,735 | 15,133 | ||||||||
FDIC insurance expense | 20,967 | 18,340 | 12,979 | ||||||||
Foreclosure-related expenses | 4,490 | 2,662 | 17,368 | ||||||||
Collection | 8,889 | 9,649 | 11,595 | ||||||||
Processing fees paid to third parties | 18,976 | 18,779 | 17,089 | ||||||||
Cardholder reward programs | 10,615 | 11,069 | 8,252 | ||||||||
Telecommunications | 14,496 | 14,406 | 10,834 | ||||||||
Consultant | 10,931 | 8,925 | 10,168 | ||||||||
Advertising | 10,239 | 12,431 | 11,461 | ||||||||
Core deposit intangible amortization | 16,851 | 18,892 | 6,955 | ||||||||
Merger-related expenses | 5,341 | 14,174 | 13,064 | ||||||||
Other | 109,050 | 95,741 | 76,481 | ||||||||
Total noninterest expense | $ | 1,048,738 | $ | 1,038,915 | $ | 849,076 |
• | Processing expenses for merchant and cardholder services increased $9.9 million, or 12.4 percent, aligned with higher sales volume. |
• | Occupancy expense increased $4.4 million primarily due to bank building repairs related to Hurricane Matthew of approximately $1.2 million and an increase in depreciation expense for technological investments put into production during 2016. |
• | FDIC insurance expense increased $2.6 million due to a higher surcharge imposed during 2016. |
• | Consultant expenses increased $2.0 million primarily due to regulatory and compliance-related services. |
• | Other expense increased primarily as a result of higher operational losses, including losses on debit and credit cards of $4.5 million and costs related to branch closures of $3.2 million. |
• | Employee benefits decreased $8.8 million primarily the result of lower pension costs. The decline in pension cost was due to an increase in the discount rate used to estimate pension expense in 2016. |
• | Merger-related expense declined $8.8 million due to costs associated with the Bancorporation merger in the prior year. |
December 31 | |||||||||||||||||||||||
2016 | 2015 | 2014 | |||||||||||||||||||||
(Dollars in thousands) | Cost | Fair value | Cost | Fair value | Cost | Fair value | |||||||||||||||||
Investment securities available for sale | |||||||||||||||||||||||
U.S. Treasury | 1,650,675 | 1,650,319 | 1,675,996 | 1,674,882 | 2,626,900 | 2,629,670 | |||||||||||||||||
Government agency | 40,291 | 40,398 | 498,804 | 498,660 | 908,362 | 908,817 | |||||||||||||||||
Mortgage-backed securities | 5,259,466 | 5,175,425 | 4,692,447 | 4,668,198 | 3,628,187 | 3,633,304 | |||||||||||||||||
Equity securities | 71,873 | 83,507 | 7,935 | 8,893 | — | — | |||||||||||||||||
Municipal securities | — | — | — | — | 125 | 126 | |||||||||||||||||
Corporate bonds | 49,367 | 49,562 | 8,500 | 8,500 | — | — | |||||||||||||||||
Other | 7,615 | 7,369 | 2,115 | 2,160 | — | — | |||||||||||||||||
Total investment securities available for sale | $ | 7,079,287 | $ | 7,006,580 | 6,885,797 | 6,861,293 | 7,163,574 | 7,171,917 | |||||||||||||||
Investment securities held to maturity | |||||||||||||||||||||||
Mortgage-backed securities | 98 | 104 | 255 | 265 | 518 | 544 | |||||||||||||||||
Total investment securities | $ | 7,079,385 | $ | 7,006,684 | $ | 6,886,052 | $ | 6,861,558 | $ | 7,164,092 | $ | 7,172,461 |
December 31, 2016 | ||||||||||||
Average maturity (Yrs./mos.) | Taxable equivalent yield | |||||||||||
(Dollars in thousands) | Cost | Fair value | ||||||||||
Investment securities available for sale: | ||||||||||||
U.S. Treasury | ||||||||||||
Within one year | $ | 802,507 | $ | 802,550 | 0/4 | 0.78 | % | |||||
One to five years | 848,168 | 847,769 | 1/8 | 1.07 | ||||||||
Total | 1,650,675 | 1,650,319 | 1/0 | 0.93 | ||||||||
Government agency | ||||||||||||
Within one year | 40,291 | 40,398 | 0/8 | 1.18 | ||||||||
Total | 40,291 | 40,398 | 0/8 | 1.18 | ||||||||
Mortgage-backed securities(1) | ||||||||||||
Within one year | 104 | 103 | 0/10 | 0.76 | ||||||||
One to five years | 4,566 | 4,577 | 1/11 | 1.86 | ||||||||
Five to ten years | 327,737 | 327,445 | 9/9 | 2.04 | ||||||||
Over ten years | 4,927,059 | 4,843,300 | 15/5 | 1.84 | ||||||||
Total | 5,259,466 | 5,175,425 | 15/1 | 1.85 | ||||||||
Corporate bonds | ||||||||||||
Five to ten years | 49,367 | 49,562 | 9/2 | 6.14 | ||||||||
Total | 49,367 | 49,562 | 9/2 | 6.14 | ||||||||
Other | ||||||||||||
Over ten years | 7,615 | 7,369 | 24/6 | 6.57 | ||||||||
Total | 7,615 | 7,369 | 24/6 | 6.57 | ||||||||
Equity securities | 71,873 | 83,507 | — | — | ||||||||
Total investment securities available for sale | 7,079,287 | 7,006,580 | ||||||||||
Investment securities held to maturity: | ||||||||||||
Mortgage-backed securities | ||||||||||||
Within one year | 14 | 14 | 0/3 | 4.09 | ||||||||
One to five years | 1 | 1 | 1/3 | 3.18 | ||||||||
Five to ten years | 6 | 6 | 6/3 | 2.19 | ||||||||
Over ten years | 77 | 83 | 12/6 | 7.25 | ||||||||
Total investment securities held to maturity | 98 | 104 | 10/6 | 6.53 | ||||||||
Total investment securities | $ | 7,079,385 | $ | 7,006,684 |
December 31, 2016 | |||||||
(Dollars in thousands) | Cost | Fair Value | |||||
Federal Home Loan Mortgage Corporation | $ | 1,619,199 | $ | 1,592,127 | |||
Federal National Mortgage Association | 3,494,378 | 3,437,721 |
December 31 | |||||||||||||||||||
(Dollars in thousands) | 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||
Non-PCI loans and leases(1): | |||||||||||||||||||
Commercial: | |||||||||||||||||||
Construction and land development | $ | 649,157 | $ | 620,352 | $ | 493,133 | $ | 319,847 | $ | 309,190 | |||||||||
Commercial mortgage | 9,026,220 | 8,274,548 | 7,552,948 | 6,362,490 | 6,029,435 | ||||||||||||||
Other commercial real estate | 351,291 | 321,021 | 244,875 | 178,754 | 160,980 | ||||||||||||||
Commercial and industrial | 2,567,501 | 2,368,958 | 1,988,934 | 1,081,158 | 1,038,530 | ||||||||||||||
Lease financing | 826,270 | 730,778 | 571,916 | 381,763 | 330,679 | ||||||||||||||
Other | 340,264 | 314,832 | 353,833 | 175,336 | 125,681 | ||||||||||||||
Total commercial loans | 13,760,703 | 12,630,489 | 11,205,639 | 8,499,348 | 7,994,495 | ||||||||||||||
Noncommercial: | |||||||||||||||||||
Residential mortgage | 2,889,124 | 2,695,985 | 2,493,058 | 982,421 | 822,889 | ||||||||||||||
Revolving mortgage | 2,601,344 | 2,523,106 | 2,561,800 | 2,113,285 | 2,210,133 | ||||||||||||||
Construction and land development | 231,400 | 220,073 | 205,016 | 122,792 | 131,992 | ||||||||||||||
Consumer | 1,446,138 | 1,219,821 | 1,117,454 | 386,452 | 416,606 | ||||||||||||||
Total noncommercial loans | 7,168,006 | 6,658,985 | 6,377,328 | 3,604,950 | 3,581,620 | ||||||||||||||
Total non-PCI loans and leases | $ | 20,928,709 | $ | 19,289,474 | $ | 17,582,967 | $ | 12,104,298 | $ | 11,576,115 | |||||||||
PCI loans: | |||||||||||||||||||
Commercial: | |||||||||||||||||||
Construction and land development | $ | 20,766 | $ | 33,880 | $ | 78,079 | $ | 78,915 | $ | 237,906 | |||||||||
Commercial mortgage | 453,013 | 525,468 | 577,518 | 642,891 | 1,054,473 | ||||||||||||||
Other commercial real estate | 12,645 | 17,076 | 40,193 | 41,381 | 107,119 | ||||||||||||||
Commercial and industrial | 11,844 | 15,182 | 27,254 | 17,254 | 49,463 | ||||||||||||||
Other | 1,702 | 2,008 | 3,079 | 866 | 1,074 | ||||||||||||||
Total commercial loans | 499,970 | 593,614 | 726,123 | 781,307 | 1,450,035 | ||||||||||||||
Noncommercial: | |||||||||||||||||||
Residential mortgage | 268,777 | 302,158 | 382,340 | 213,851 | 297,926 | ||||||||||||||
Revolving mortgage | 38,650 | 52,471 | 74,109 | 30,834 | 38,710 | ||||||||||||||
Construction and land development | — | — | 912 | 2,583 | 20,793 | ||||||||||||||
Consumer | 1,772 | 2,273 | 3,014 | 851 | 1,771 | ||||||||||||||
Total noncommercial loans | 309,199 | 356,902 | 460,375 | 248,119 | 359,200 | ||||||||||||||
Total PCI loans | 809,169 | 950,516 | 1,186,498 | 1,029,426 | 1,809,235 | ||||||||||||||
Total loans and leases | 21,737,878 | 20,239,990 | 18,769,465 | 13,133,724 | 13,385,350 | ||||||||||||||
Less allowance for loan and lease losses | (218,795 | ) | (206,216 | ) | (204,466 | ) | (233,394 | ) | (319,018 | ) | |||||||||
Net loans and leases | $ | 21,519,083 | $ | 20,033,774 | $ | 18,564,999 | $ | 12,900,330 | $ | 13,066,332 |
(Dollars in thousands) | 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||
Allowance for loan and lease losses at beginning of period | $ | 206,216 | $ | 204,466 | $ | 233,394 | $ | 319,018 | $ | 270,144 | |||||||||
Reclassification (1) | — | — | — | 7,368 | — | ||||||||||||||
Non-PCI provision for loan and lease losses: | |||||||||||||||||||
Commercial: | |||||||||||||||||||
Construction and land development | 12,871 | 4,773 | 1,735 | 2,809 | 9,665 | ||||||||||||||
Commercial mortgage | (21,912 | ) | (15,822 | ) | (16,746 | ) | (4,485 | ) | 18,198 | ||||||||||
Other commercial real estate | 925 | 1,569 | (401 | ) | (32 | ) | 130 | ||||||||||||
Commercial and industrial | 14,583 | 17,432 | 10,441 | 4,333 | (4,982 | ) | |||||||||||||
Lease financing | 635 | 1,602 | (473 | ) | 1,646 | 498 | |||||||||||||
Other | 877 | (1,420 | ) | 3,007 | 308 | (116 | ) | ||||||||||||
Total commercial loans | 7,979 | 8,134 | (2,437 | ) | 4,579 | 23,393 | |||||||||||||
Noncommercial: | |||||||||||||||||||
Residential mortgage | 9,448 | 4,202 | 1,219 | 2,786 | (782 | ) | |||||||||||||
Revolving mortgage | (1,234 | ) | (927 | ) | 6,301 | 6,296 | 8,783 | ||||||||||||
Construction and land development | 45 | 541 | 245 | (379 | ) | 1,161 | |||||||||||||
Consumer | 18,632 | 10,987 | 9,932 | 6,085 | 7,763 | ||||||||||||||
Nonspecific | — | — | — | (78 | ) | 1,728 | |||||||||||||
Total noncommercial loans | 26,891 | 14,803 | 17,697 | 14,710 | 18,653 | ||||||||||||||
Total non-PCI provision | 34,870 | 22,937 | 15,260 | 19,289 | 42,046 | ||||||||||||||
PCI provision for loan losses | (1,929 | ) | (2,273 | ) | (14,620 | ) | (51,544 | ) | 100,839 | ||||||||||
Non-PCI Charge-offs: | |||||||||||||||||||
Commercial: | |||||||||||||||||||
Construction and land development | (680 | ) | (1,012 | ) | (316 | ) | (4,685 | ) | (9,546 | ) | |||||||||
Commercial mortgage | (987 | ) | (1,498 | ) | (1,147 | ) | (3,904 | ) | (7,081 | ) | |||||||||
Other commercial real estate | — | (178 | ) | — | (312 | ) | (254 | ) | |||||||||||
Commercial and industrial | (9,013 | ) | (5,952 | ) | (3,014 | ) | (4,785 | ) | (5,472 | ) | |||||||||
Lease financing | (442 | ) | (402 | ) | (100 | ) | (272 | ) | (361 | ) | |||||||||
Other | (144 | ) | — | (13 | ) | (6 | ) | (28 | ) | ||||||||||
Total commercial loans | (11,266 | ) | (9,042 | ) | (4,590 | ) | (13,964 | ) | (22,742 | ) | |||||||||
Noncommercial: | |||||||||||||||||||
Residential mortgage | (926 | ) | (1,619 | ) | (1,260 | ) | (2,387 | ) | (4,790 | ) | |||||||||
Revolving mortgage | (3,287 | ) | (2,925 | ) | (4,744 | ) | (6,064 | ) | (11,341 | ) | |||||||||
Construction and land development | — | (22 | ) | (118 | ) | (392 | ) | (1,047 | ) | ||||||||||
Consumer | (14,108 | ) | (11,696 | ) | (9,787 | ) | (10,311 | ) | (10,288 | ) | |||||||||
Total noncommercial loans | (18,321 | ) | (16,262 | ) | (15,909 | ) | (19,154 | ) | (27,466 | ) | |||||||||
Total non-PCI charge-offs | (29,587 | ) | (25,304 | ) | (20,499 | ) | (33,118 | ) | (50,208 | ) | |||||||||
Non-PCI Recoveries: | |||||||||||||||||||
Commercial: | |||||||||||||||||||
Construction and land development | 398 | 566 | 207 | 1,039 | 445 | ||||||||||||||
Commercial mortgage | 1,281 | 2,027 | 2,825 | 996 | 1,626 | ||||||||||||||
Other commercial real estate | 176 | 45 | 124 | 109 | 14 | ||||||||||||||
Commercial and industrial | 1,539 | 909 | 938 | 1,213 | 781 | ||||||||||||||
Lease financing | 190 | 38 | 110 | 107 | 96 | ||||||||||||||
Other | 539 | 91 | — | 1 | 4 | ||||||||||||||
Total commercial loans | 4,123 | 3,676 | 4,204 | 3,465 | 2,966 | ||||||||||||||
Noncommercial: | |||||||||||||||||||
Residential mortgage | 467 | 861 | 191 | 559 | 529 | ||||||||||||||
Revolving mortgage | 916 | 1,173 | 854 | 660 | 698 | ||||||||||||||
Construction and land development | 66 | 74 | 84 | 209 | 180 | ||||||||||||||
Consumer | 4,267 | 3,650 | 2,869 | 2,396 | 1,952 | ||||||||||||||
Total noncommercial loans | 5,716 | 5,758 | 3,998 | 3,824 | 3,359 | ||||||||||||||
Total non-PCI recoveries | 9,839 | 9,434 | 8,202 | 7,289 | 6,325 | ||||||||||||||
Non-PCI loans and leases charged-off, net | (19,748 | ) | (15,870 | ) | (12,297 | ) | (25,829 | ) | (43,883 | ) | |||||||||
PCI loans charged-off, net | (614 | ) | (3,044 | ) | (17,271 | ) | (34,908 | ) | (50,128 | ) | |||||||||
Allowance for loan and lease losses at end of period | $ | 218,795 | $ | 206,216 | $ | 204,466 | $ | 233,394 | $ | 319,018 | |||||||||
Reserve for unfunded commitments (1) | $ | 1,133 | $ | 379 | $ | 333 | $ | 357 | $ | 7,692 |
(Dollars in thousands) | 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||
Average loans and leases: | |||||||||||||||||||
PCI | $ | 898,706 | $ | 1,112,286 | $ | 1,195,238 | $ | 1,403,341 | $ | 1,991,091 | |||||||||
Non-PCI | 19,998,689 | 18,415,867 | 13,624,888 | 11,760,402 | 11,569,682 | ||||||||||||||
Loans and leases at period end: | |||||||||||||||||||
PCI | 809,169 | 950,516 | 1,186,498 | 1,029,426 | 1,809,235 | ||||||||||||||
Non-PCI | 20,928,709 | 19,289,474 | 17,582,967 | 12,104,298 | 11,576,115 | ||||||||||||||
Allowance for loan and lease losses allocated to loans and leases: | |||||||||||||||||||
PCI | $ | 13,769 | $ | 16,312 | $ | 21,629 | $ | 53,520 | $ | 139,972 | |||||||||
Non-PCI | 205,026 | 189,904 | 182,837 | 179,874 | 179,046 | ||||||||||||||
Total | $ | 218,795 | $ | 206,216 | $ | 204,466 | $ | 233,394 | $ | 319,018 | |||||||||
Net charge-offs to average loans and leases: | |||||||||||||||||||
PCI | 0.07 | % | 0.27 | % | 1.44 | % | 2.49 | % | 2.52 | % | |||||||||
Non-PCI | 0.10 | 0.09 | 0.09 | 0.22 | 0.38 | ||||||||||||||
Total | 0.10 | 0.10 | 0.20 | 0.46 | 0.69 | ||||||||||||||
Allowance for loan and lease losses to total loans and leases: | |||||||||||||||||||
PCI | 1.70 | 1.72 | 1.82 | 5.20 | 7.74 | ||||||||||||||
Non-PCI | 0.98 | 0.98 | 1.04 | 1.49 | 1.55 | ||||||||||||||
Total | 1.01 | 1.02 | 1.09 | 1.78 | 2.38 |
(Dollars in thousands) | 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||
ALLL on non-PCI loans and leases (GAAP) | $ | 205,026 | $ | 189,904 | $ | 182,837 | $ | 179,874 | $ | 179,046 | |||||||||
Unamortized discount related to non-PCI loans and leases (GAAP) | 31,525 | 41,124 | 61,173 | — | — | ||||||||||||||
Adjusted ALLL on non-PCI loans and leases (non-GAAP) | 236,551 | 231,028 | 244,010 | 179,874 | 179,046 | ||||||||||||||
ALLL on PCI loans (GAAP) | 13,769 | 16,312 | 21,629 | 53,520 | 139,972 | ||||||||||||||
Unamortized discount related to PCI loans (GAAP) | 118,946 | 137,819 | 164,538 | 157,258 | 314,935 | ||||||||||||||
Adjusted ALLL on PCI loans (non-GAAP) | 132,715 | 154,131 | 186,167 | 210,778 | 454,907 | ||||||||||||||
Total ALLL (GAAP) | 218,795 | 206,216 | 204,466 | 233,394 | 319,018 | ||||||||||||||
Net acquisition accounting fair value discounts on loans and leases (GAAP) | 150,471 | 178,943 | 225,711 | 157,258 | 314,935 | ||||||||||||||
Adjusted ALLL (non-GAAP) | 369,266 | 385,159 | 430,177 | 390,652 | 633,953 | ||||||||||||||
Adjusted ALLL to total loans and leases (non-GAAP): | |||||||||||||||||||
Non-PCI | 1.13 | % | 1.20 | % | 1.39 | % | 1.49 | % | 1.55 | % | |||||||||
PCI | 16.40 | 16.22 | 15.69 | 20.48 | 25.14 | ||||||||||||||
Total | 1.70 | 1.90 | 2.29 | 2.97 | 4.74 |
December 31 | ||||||||||||||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||
(dollars in thousands) | Allowance for loan and lease losses | Percent of loans to total loans | Allowance for loan and lease losses | Percent of loans to total loans | Allowance for loan and lease losses | Percent of loans to total loans | Allowance for loan and lease losses | Percent of loans to total loans | Allowance for loan and lease losses | Percent of loans to total loans | ||||||||||||||||||||
Allowance for loan and lease losses allocated to: | ||||||||||||||||||||||||||||||
Non-PCI loans and leases | ||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||
Construction and land development - commercial | $ | 28,877 | 3.0 | % | $ | 16,288 | 3.1 | % | $ | 11,961 | 2.9 | % | $ | 10,335 | 2.4 | % | $ | 6,031 | 2.3 | % | ||||||||||
Commercial mortgage | 48,278 | 41.4 | 69,896 | 40.8 | 85,189 | 40.3 | 100,257 | 48.5 | 80,229 | 45.0 | ||||||||||||||||||||
Other commercial real estate | 3,269 | 1.6 | 2,168 | 1.6 | 732 | 1.3 | 1,009 | 1.4 | 2,059 | 1.2 | ||||||||||||||||||||
Commercial and industrial | 50,225 | 11.8 | 43,116 | 11.7 | 30,727 | 10.6 | 22,362 | 8.2 | 14,050 | 7.8 | ||||||||||||||||||||
Lease financing | 5,907 | 3.8 | 5,524 | 3.6 | 4,286 | 3.0 | 4,749 | 2.9 | 3,521 | 2.5 | ||||||||||||||||||||
Other | 3,127 | 1.6 | 1,855 | 1.6 | 3,184 | 1.9 | 190 | 1.3 | 1,175 | 0.9 | ||||||||||||||||||||
Total commercial | 139,683 | 63.2 | 138,847 | 62.4 | 136,079 | 60.0 | 138,902 | 64.7 | 107,065 | 59.7 | ||||||||||||||||||||
Noncommercial: | ||||||||||||||||||||||||||||||
Residential mortgage | 23,094 | 13.3 | 14,105 | 13.3 | 10,661 | 13.4 | 10,511 | 7.5 | 3,836 | 6.1 | ||||||||||||||||||||
Revolving mortgage | 12,366 | 12.0 | 15,971 | 12.5 | 18,650 | 13.7 | 16,239 | 16.1 | 25,185 | 16.6 | ||||||||||||||||||||
Construction and land development - noncommercial | 1,596 | 1.1 | 1,485 | 1.1 | 892 | 0.6 | 681 | 1.0 | 1,721 | 1.0 | ||||||||||||||||||||
Consumer | 28,287 | 6.7 | 19,496 | 6.0 | 16,555 | 6.0 | 13,541 | 2.9 | 25,389 | 3.1 | ||||||||||||||||||||
Total noncommercial | 65,343 | 33.1 | 51,057 | 32.9 | 46,758 | 33.7 | 40,972 | 27.5 | 56,131 | 26.8 | ||||||||||||||||||||
Nonspecific(1) | — | — | — | — | 15,850 | |||||||||||||||||||||||||
Total allowance for non-PCI loan and lease losses | 205,026 | 96.3 | 189,904 | 95.3 | 182,837 | 93.7 | 179,874 | 92.2 | 179,046 | 86.5 | ||||||||||||||||||||
PCI loans | 13,769 | 3.7 | 16,312 | 4.7 | 21,629 | 6.3 | 53,520 | 7.8 | 139,972 | 13.5 | ||||||||||||||||||||
Total allowance for loan and lease losses | $ | 218,795 | 100.0 | % | $ | 206,216 | 100.0 | % | $ | 204,466 | 100.0 | % | $ | 233,394 | 100.0 | % | $ | 319,018 | 100.0 | % |
December 31 | |||||||||||||||||||
(Dollars in thousands, except ratios) | 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||
Nonaccrual loans and leases: | |||||||||||||||||||
Non-PCI | $ | 82,307 | $ | 95,854 | $ | 44,005 | $ | 53,170 | $ | 89,845 | |||||||||
PCI | 3,451 | 7,579 | 33,422 | 28,493 | 74,479 | ||||||||||||||
Other real estate | 61,231 | 65,559 | 93,436 | 83,979 | 146,090 | ||||||||||||||
Total nonperforming assets | $ | 146,989 | $ | 168,992 | $ | 170,863 | $ | 165,642 | $ | 310,414 | |||||||||
Nonaccrual loans and leases: | |||||||||||||||||||
Covered under shared-loss agreements | $ | 93 | $ | 2,992 | $ | 27,020 | $ | 28,493 | $ | 74,479 | |||||||||
Not covered under shared-loss agreements | 85,665 | 100,441 | 50,407 | 53,170 | 89,845 | ||||||||||||||
Other real estate owned: | |||||||||||||||||||
Covered | 472 | 6,817 | 22,982 | 47,081 | 102,577 | ||||||||||||||
Noncovered | 60,759 | 58,742 | 70,454 | 36,898 | 43,513 | ||||||||||||||
Total nonperforming assets | $ | 146,989 | $ | 168,992 | $ | 170,863 | $ | 165,642 | $ | 310,414 | |||||||||
Loans and leases at December 31: | |||||||||||||||||||
Covered | $ | 84,821 | $ | 272,554 | $ | 485,308 | $ | 1,029,426 | $ | 1,809,235 | |||||||||
Noncovered | 21,653,057 | 19,967,436 | 18,284,157 | 12,104,298 | 11,576,115 | ||||||||||||||
Accruing loans and leases 90 days or more past due | |||||||||||||||||||
Non-PCI | 2,718 | 3,315 | 11,250 | 8,784 | 11,272 | ||||||||||||||
PCI | 65,523 | 73,751 | 104,430 | 193,892 | 281,000 | ||||||||||||||
Interest income recognized on nonperforming loans and leases | 1,873 | 3,204 | 1,364 | 2,062 | 10,374 | ||||||||||||||
Interest income that would have been earned on nonperforming loans and leases had they been performing | 7,304 | 9,628 | 6,600 | 18,430 | 27,397 | ||||||||||||||
Ratio of nonperforming assets to total loans, leases, and other real estate owned: | |||||||||||||||||||
Covered | 0.66 | % | 3.51 | % | 9.84 | % | 7.02 | % | 9.26 | % | |||||||||
Noncovered | 0.67 | 0.79 | 0.66 | 0.74 | 1.15 | ||||||||||||||
Total | 0.67 | 0.83 | 0.91 | 1.25 | 2.29 |
December 31 | |||||||||||||||||||
(Dollars in thousands) | 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||
Accruing TDRs: | |||||||||||||||||||
PCI | $ | 26,068 | $ | 29,231 | $ | 44,647 | $ | 90,829 | $ | 164,256 | |||||||||
Non-PCI | 101,462 | 84,065 | 91,316 | 85,126 | 89,133 | ||||||||||||||
Total accruing TDRs | $ | 127,530 | $ | 113,296 | $ | 135,963 | $ | 175,955 | $ | 253,389 | |||||||||
Nonaccruing TDRs: | |||||||||||||||||||
PCI | $ | 301 | $ | 1,420 | $ | 2,225 | $ | 11,479 | $ | 28,951 | |||||||||
Non-PCI | 23,085 | 30,127 | 13,291 | 19,322 | 50,830 | ||||||||||||||
Total nonaccruing TDRs | $ | 23,386 | $ | 31,547 | $ | 15,516 | $ | 30,801 | $ | 79,781 | |||||||||
All TDRs: | |||||||||||||||||||
PCI | $ | 26,369 | $ | 30,651 | $ | 46,872 | $ | 102,308 | $ | 193,207 | |||||||||
Non-PCI | 124,547 | 114,192 | 104,607 | 104,448 | 139,963 | ||||||||||||||
Total TDRs | $ | 150,916 | $ | 144,843 | $ | 151,479 | $ | 206,756 | $ | 333,170 |
December 31 | |||||||||||
(Dollars in thousands) | 2016 | 2015 | 2014 | ||||||||
Demand | $ | 10,130,549 | $ | 9,274,470 | $ | 8,086,784 | |||||
Checking with interest | 4,919,727 | 4,445,353 | 4,091,333 | ||||||||
Money market accounts | 8,193,392 | 8,205,705 | 8,264,811 | ||||||||
Savings | 2,099,579 | 1,909,021 | 1,728,504 | ||||||||
Time | 2,818,096 | 3,096,206 | 3,507,145 | ||||||||
Total deposits | $ | 28,161,343 | $ | 26,930,755 | $ | 25,678,577 |
(Dollars in thousands) | December 31, 2016 | ||
Time deposits maturing in: | |||
Three months or less | $ | 403,458 | |
Over three months through six months | 174,092 | ||
Over six months through 12 months | 209,657 | ||
More than 12 months | 375,916 | ||
Total | $ | 1,163,123 |
2016 | 2015 | 2014 | ||||||||||||||||||
(dollars in thousands) | Amount | Rate | Amount | Rate | Amount | Rate | ||||||||||||||
Master notes | ||||||||||||||||||||
At December 31 | $ | — | — | % | $ | — | — | % | $ | 410,258 | 0.35 | % | ||||||||
Average during year | — | — | 133,001 | 0.35 | 479,937 | 0.34 | ||||||||||||||
Maximum month-end balance during year | — | 417,924 | 544,084 | |||||||||||||||||
Repurchase agreements | ||||||||||||||||||||
At December 31 | 590,772 | 0.31 | 592,182 | 0.28 | 294,426 | 0.25 | ||||||||||||||
Average during year | 721,933 | 0.26 | 606,357 | 0.24 | 159,696 | 0.22 | ||||||||||||||
Maximum month-end balance during year | 779,613 | 747,206 | 328,452 | |||||||||||||||||
Federal funds purchased | ||||||||||||||||||||
At December 31 | 2,551 | 0.12 | 2,551 | 0.12 | 2,551 | 0.12 | ||||||||||||||
Average during year | 2,556 | 0.12 | 2,551 | 0.12 | 2,551 | 0.13 | ||||||||||||||
Maximum month-end balance during year | 2,551 | 2,551 | 2,551 | |||||||||||||||||
Notes payable to Federal Home Loan Banks | ||||||||||||||||||||
At December 31 | 10,000 | 4.74 | — | — | 80,000 | 3.34 | ||||||||||||||
Average during year | 4,898 | 2.14 | 22,192 | 2.61 | 57,507 | 2.77 | ||||||||||||||
Maximum month-end balance during year | 10,000 | 80,000 | 80,000 | |||||||||||||||||
Subordinated notes payable | ||||||||||||||||||||
At December 31 | — | — | — | — | 199,949 | 5.96 | ||||||||||||||
Average during year | — | — | 70,193 | 2.34 | 92,179 | 3.22 | ||||||||||||||
Maximum month-end balance during year | — | 200,000 | 199,949 | |||||||||||||||||
Unamortized purchase accounting adjustments | ||||||||||||||||||||
At December 31 | 164 | — | — | — | — | — | ||||||||||||||
Average during year | 82 | — | — | — | — | — | ||||||||||||||
Maximum month-end balance during year | 257 | — | — |
(Dollars in thousands) | December 31, 2016 (1) | December 31, 2015 (1) | December 31, 2014 | Regulatory minimum (2) | Well-capitalized requirement (2) | ||||||||||||
Tier 1 risk-based capital | $ | 2,995,557 | $ | 2,831,242 | $ | 2,690,324 | |||||||||||
Tier 2 risk-based capital | 344,429 | 308,970 | 213,799 | ||||||||||||||
Total risk-based capital | $ | 3,339,986 | $ | 3,140,212 | $ | 2,904,123 | |||||||||||
Common equity Tier 1 capital (3) | $ | 2,995,557 | $ | 2,799,163 | N/A | ||||||||||||
Risk-adjusted assets | 24,113,117 | 22,376,034 | 19,770,656 | ||||||||||||||
Risk-based capital ratios | |||||||||||||||||
Tier 1 risk-based capital | 12.42 | % | 12.65 | % | 13.61 | % | 6.00 | % | 8.00 | % | |||||||
Common equity Tier 1 (3) | 12.42 | 12.51 | N/A | 4.50 | 6.50 | ||||||||||||
Total risk-based capital | 13.85 | 14.03 | 14.69 | 8.00 | 10.00 | ||||||||||||
Tier 1 leverage ratio | 9.05 | 8.96 | 8.91 | 4.00 | 5.00 | ||||||||||||
Capital conservation buffer (4) | 5.85 | N/A | N/A | 0.63 | N/A |
December 31, 2016 | |
Collateral location | Percent of real estate secured loans with collateral located in the state |
North Carolina | 41.6% |
South Carolina | 17.5 |
California | 8.8 |
Virginia | 8.1 |
Georgia | 6.6 |
Florida | 3.8 |
Washington | 2.5 |
Texas | 2.3 |
Tennessee | 1.8 |
All other locations | 7.0 |
Estimated increase (decrease) in net interest income | |||||
Change in interest rate (basis point) | December 31, 2016 | December 31, 2015 | |||
+100 | 4.12 | % | 2.78 | % | |
+200 | 5.06 | 2.80 | |||
+300 | 2.08 | (0.75 | ) |
Estimated increase (decrease) in EVE | |||||
Change in interest rate (basis point) | December 31, 2016 | December 31, 2015 | |||
+100 | 3.10 | % | 3.18 | % | |
+200 | 0.85 | 1.53 | |||
+300 | (5.44 | ) | (3.92 | ) |
At December 31, 2016, maturing | |||||||||||||||
(Dollars in thousands) | Within One Year | One to Five Years | After Five Years | Total | |||||||||||
Loans and leases: | |||||||||||||||
Secured by real estate | $ | 1,031,573 | $ | 5,215,299 | $ | 10,295,513 | $ | 16,542,385 | |||||||
Commercial and industrial | 743,457 | 968,622 | 867,267 | 2,579,346 | |||||||||||
Other | 520,923 | 1,372,681 | 722,543 | 2,616,147 | |||||||||||
Total loans and leases | $ | 2,295,953 | $ | 7,556,602 | $ | 11,885,323 | $ | 21,737,878 | |||||||
Loans maturing after one year with: | |||||||||||||||
Fixed interest rates | $ | 6,367,668 | $ | 7,797,455 | $ | 14,165,123 | |||||||||
Floating or adjustable rates | 1,188,934 | 4,087,868 | 5,276,802 | ||||||||||||
Total | $ | 7,556,602 | $ | 11,885,323 | $ | 19,441,925 |
• | Tactical liquidity measures the risk of a negative cash flow position whereby cash outflows exceed cash inflows over a short-term horizon out to nine weeks; |
• | Structural liquidity measures the amount by which illiquid assets are supported by long-term funding; and |
• | Contingent liquidity utilizes cash flow stress testing across three crisis scenarios to determine the adequacy of our liquidity. |
Type of obligation | Payments due by period | ||||||||||||||||||
(Dollars in thousands) | Less than 1 year | 1-3 years | 4-5 years | Thereafter | Total | ||||||||||||||
Contractual obligations: | |||||||||||||||||||
Time deposits | $ | 1,984,571 | $ | 611,182 | $ | 222,340 | $ | 3 | $ | 2,818,096 | |||||||||
Short-term borrowings | 603,487 | — | — | — | 603,487 | ||||||||||||||
Long-term obligations | 3,232 | 135,893 | 70,526 | 623,291 | 832,942 | ||||||||||||||
Operating leases | 26,068 | 35,295 | 13,195 | 43,133 | 117,691 | ||||||||||||||
Estimated payment to FDIC due to claw-back provisions under shared-loss agreements | — | — | 110,657 | — | 110,657 | ||||||||||||||
Total contractual obligations | $ | 2,617,358 | $ | 782,370 | $ | 416,718 | $ | 666,427 | $ | 4,482,873 | |||||||||
Commitments: | |||||||||||||||||||
Loan commitments | $ | 4,508,323 | $ | 1,024,947 | $ | 428,035 | $ | 2,846,913 | $ | 8,808,218 | |||||||||
Standby letters of credit | 71,168 | 12,582 | — | — | 83,750 | ||||||||||||||
Affordable housing partnerships | 31,789 | 24,561 | 141 | 588 | 57,079 | ||||||||||||||
Total commitments | $ | 4,611,280 | $ | 1,062,090 | $ | 428,176 | $ | 2,847,501 | $ | 8,949,047 |
2016 | 2015 | ||||||||||||||||||||||||||||||
(Dollars in thousands, except share data and ratios) | Fourth Quarter | Third Quarter | Second Quarter | First Quarter | Fourth Quarter | Third Quarter | Second Quarter | First Quarter | |||||||||||||||||||||||
SUMMARY OF OPERATIONS | |||||||||||||||||||||||||||||||
Interest income | $ | 254,782 | $ | 246,494 | $ | 243,369 | $ | 243,112 | $ | 241,861 | $ | 249,825 | $ | 246,013 | $ | 231,510 | |||||||||||||||
Interest expense | 10,865 | 10,645 | 11,180 | 10,392 | 11,142 | 10,454 | 11,363 | 11,345 | |||||||||||||||||||||||
Net interest income | 243,917 | 235,849 | 232,189 | 232,720 | 230,719 | 239,371 | 234,650 | 220,165 | |||||||||||||||||||||||
Provision for loan and lease losses | 16,029 | 7,507 | 4,562 | 4,843 | 7,046 | 107 | 7,719 | 5,792 | |||||||||||||||||||||||
Net interest income after provision for loan and lease losses | 227,888 | 228,342 | 227,627 | 227,877 | 223,673 | 239,264 | 226,931 | 214,373 | |||||||||||||||||||||||
Gain on acquisitions | — | 837 | 3,290 | 1,704 | — | — | — | 42,930 | |||||||||||||||||||||||
Noninterest income | 124,698 | 117,004 | 136,960 | 103,578 | 99,135 | 109,750 | 107,450 | 107,823 | |||||||||||||||||||||||
Noninterest expense | 271,531 | 267,233 | 258,303 | 251,671 | 255,886 | 260,172 | 264,691 | 258,166 | |||||||||||||||||||||||
Income before income taxes | 81,055 | 78,950 | 109,574 | 81,488 | 66,922 | 88,842 | 69,690 | 106,960 | |||||||||||||||||||||||
Income taxes | 28,365 | 27,546 | 40,258 | 29,416 | 24,174 | 32,884 | 25,168 | 39,802 | |||||||||||||||||||||||
Net income | $ | 52,690 | $ | 51,404 | $ | 69,316 | $ | 52,072 | $ | 42,748 | $ | 55,958 | $ | 44,522 | $ | 67,158 | |||||||||||||||
Net interest income, taxable equivalent | $ | 245,330 | $ | 237,146 | $ | 233,496 | $ | 234,187 | $ | 232,147 | $ | 240,930 | $ | 236,456 | $ | 221,452 | |||||||||||||||
PER SHARE DATA | |||||||||||||||||||||||||||||||
Net income | $ | 4.39 | $ | 4.28 | $ | 5.77 | $ | 4.34 | $ | 3.56 | $ | 4.66 | $ | 3.71 | $ | 5.59 | |||||||||||||||
Cash dividends | 0.30 | 0.30 | 0.30 | 0.30 | 0.30 | 0.30 | 0.30 | 0.30 | |||||||||||||||||||||||
Market price at period end (Class A) | 355.00 | 293.89 | 258.91 | 251.07 | 258.17 | 226.00 | 263.04 | 259.69 | |||||||||||||||||||||||
Book value at period end | 250.82 | 256.76 | 252.76 | 246.55 | 239.14 | 238.34 | 232.62 | 230.53 | |||||||||||||||||||||||
SELECTED QUARTERLY AVERAGE BALANCES | |||||||||||||||||||||||||||||||
Total assets | $ | 33,223,995 | $ | 32,655,417 | $ | 32,161,905 | $ | 31,705,658 | $ | 31,753,223 | $ | 31,268,774 | $ | 30,835,749 | $ | 30,414,322 | |||||||||||||||
Investment securities | 6,716,873 | 6,452,532 | 6,786,463 | 6,510,248 | 6,731,183 | 7,275,290 | 7,149,691 | 6,889,752 | |||||||||||||||||||||||
Loans and leases (1) | 21,548,313 | 21,026,510 | 20,657,094 | 20,349,091 | 20,059,556 | 19,761,145 | 19,354,823 | 18,922,028 | |||||||||||||||||||||||
Interest-earning assets | 31,078,428 | 30,446,592 | 29,976,629 | 29,558,629 | 29,565,715 | 29,097,839 | 28,660,246 | 28,231,922 | |||||||||||||||||||||||
Deposits | 28,231,477 | 27,609,418 | 27,212,814 | 26,998,026 | 27,029,650 | 26,719,713 | 26,342,821 | 25,833,068 | |||||||||||||||||||||||
Long-term obligations | 835,509 | 842,715 | 817,750 | 750,446 | 704,465 | 548,214 | 473,434 | 460,713 | |||||||||||||||||||||||
Interest-bearing liabilities | 19,357,282 | 19,114,740 | 19,092,287 | 19,067,251 | 18,933,443 | 18,911,455 | 18,933,611 | 19,171,958 | |||||||||||||||||||||||
Shareholders’ equity | $ | 3,056,426 | $ | 3,058,155 | $ | 2,989,097 | $ | 2,920,611 | $ | 2,867,177 | $ | 2,823,967 | $ | 2,781,648 | $ | 2,724,719 | |||||||||||||||
Shares outstanding | 12,010,405 | 12,010,405 | 12,010,405 | 12,010,405 | 12,010,405 | 12,010,405 | 12,010,405 | 12,010,405 | |||||||||||||||||||||||
SELECTED QUARTER-END BALANCES | |||||||||||||||||||||||||||||||
Total assets | $ | 32,990,836 | $ | 32,971,910 | $ | 32,230,403 | $ | 32,195,657 | $ | 31,475,934 | $ | 31,449,824 | $ | 30,896,855 | $ | 30,862,932 | |||||||||||||||
Investment securities | 7,006,678 | 6,384,940 | 6,557,736 | 6,687,483 | 6,861,548 | 6,690,879 | 7,350,545 | 7,045,550 | |||||||||||||||||||||||
Loans and leases: | |||||||||||||||||||||||||||||||
PCI | 809,169 | 868,200 | 921,467 | 945,887 | 950,516 | 1,044,064 | 1,123,239 | 1,252,545 | |||||||||||||||||||||||
Non-PCI | 20,928,709 | 20,428,780 | 19,821,104 | 19,471,802 | 19,289,474 | 18,811,742 | 18,396,946 | 17,844,414 | |||||||||||||||||||||||
Deposits | 28,161,343 | 27,925,253 | 27,257,774 | 27,365,245 | 26,930,755 | 26,719,375 | 26,511,896 | 26,300,830 | |||||||||||||||||||||||
Long-term obligations | 832,942 | 840,266 | 850,504 | 779,087 | 704,155 | 705,418 | 475,568 | 468,180 | |||||||||||||||||||||||
Shareholders’ equity | $ | 3,012,427 | $ | 3,083,748 | $ | 3,035,704 | $ | 2,961,194 | $ | 2,872,109 | $ | 2,862,528 | $ | 2,793,890 | $ | 2,768,719 | |||||||||||||||
Shares outstanding | 12,010,405 | 12,010,405 | 12,010,405 | 12,010,405 | 12,010,405 | 12,010,405 | 12,010,405 | 12,010,405 | |||||||||||||||||||||||
SELECTED RATIOS AND OTHER DATA | |||||||||||||||||||||||||||||||
Rate of return on average assets (annualized) | 0.63 | % | 0.63 | % | 0.87 | % | 0.66 | % | 0.53 | % | 0.71 | % | 0.58 | % | 0.90 | % | |||||||||||||||
Rate of return on average shareholders’ equity (annualized) | 6.86 | 6.69 | 9.33 | 7.17 | 5.92 | 7.86 | 6.42 | 10.00 | |||||||||||||||||||||||
Net yield on interest-earning assets (taxable equivalent) | 3.14 | 3.10 | 3.13 | 3.18 | 3.12 | 3.29 | 3.31 | 3.18 | |||||||||||||||||||||||
Allowance for loan and lease losses to loans and leases: | |||||||||||||||||||||||||||||||
PCI | 1.70 | 1.34 | 1.25 | 1.45 | 1.72 | 1.68 | 1.38 | 1.41 | |||||||||||||||||||||||
Non-PCI | 0.98 | 0.98 | 0.99 | 0.99 | 0.98 | 1.00 | 1.05 | 1.05 | |||||||||||||||||||||||
Total | 1.01 | 1.01 | 1.00 | 1.01 | 1.02 | 1.03 | 1.07 | 1.08 | |||||||||||||||||||||||
Nonperforming assets to total loans and leases and other real estate at period end: | |||||||||||||||||||||||||||||||
Covered | 0.66 | 0.75 | 1.17 | 4.74 | 3.51 | 3.72 | 4.70 | 8.42 | |||||||||||||||||||||||
Noncovered | 0.67 | 0.75 | 0.77 | 0.74 | 0.79 | 0.77 | 0.73 | 0.77 | |||||||||||||||||||||||
Total | 0.67 | 0.75 | 0.77 | 80.00 | 0.83 | 0.82 | 0.79 | 0.95 | |||||||||||||||||||||||
Tier 1 risk-based capital ratio | 12.42 | 12.50 | 12.63 | 12.58 | 12.65 | 12.77 | 12.66 | 12.92 | |||||||||||||||||||||||
Common equity Tier 1 ratio | 12.42 | 12.50 | 12.63 | 12.58 | 12.51 | 12.63 | 12.52 | 12.77 | |||||||||||||||||||||||
Total risk-based capital ratio | 13.85 | 13.96 | 14.10 | 14.09 | 14.03 | 14.18 | 14.10 | 14.42 | |||||||||||||||||||||||
Leverage capital ratio | 9.05 | 9.07 | 9.09 | 9.00 | 8.96 | 8.97 | 8.92 | 8.90 | |||||||||||||||||||||||
Dividend payout ratio | 6.83 | 7.01 | 5.20 | 6.91 | 8.43 | 6.44 | 8.09 | 5.37 | |||||||||||||||||||||||
Average loans and leases to average deposits | 76.33 | 76.16 | 75.91 | 75.37 | 74.21 | 73.96 | 73.47 | 73.25 |
2016 | 2015 | Increase (decrease) due to: | |||||||||||||||||||||||||||||||
Interest | Interest | ||||||||||||||||||||||||||||||||
Average | Income/ | Yield/ | Average | Income/ | Yield/ | Yield/ | Total | ||||||||||||||||||||||||||
(Dollars in thousands) | Balance | Expense | Rate | Balance | Expense | Rate | Volume | Rate | Change | ||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
Loans and leases | $ | 21,548,313 | $ | 226,651 | 4.19 | % | $ | 20,059,556 | $ | 218,048 | 4.32 | % | $ | 15,662 | $ | (7,059 | ) | $ | 8,603 | ||||||||||||||
Investment securities: | |||||||||||||||||||||||||||||||||
U. S. Treasury | 1,593,610 | 3,328 | 0.83 | 1,686,269 | 3,092 | 0.73 | (179 | ) | 415 | 236 | |||||||||||||||||||||||
Government agency | 172,037 | 396 | 0.92 | 599,048 | 1,282 | 0.86 | (947 | ) | 61 | (886 | ) | ||||||||||||||||||||||
Mortgage-backed securities | 4,802,198 | 20,937 | 1.74 | 4,437,936 | 18,632 | 1.68 | 1,585 | 720 | 2,305 | ||||||||||||||||||||||||
Corporate bonds | 54,255 | 772 | 5.69 | 4,134 | 179 | 16.50 | 1,386 | (793 | ) | 593 | |||||||||||||||||||||||
Other | 94,773 | 253 | 1.06 | 3,796 | 26 | 2.74 | 435 | (208 | ) | 227 | |||||||||||||||||||||||
Total investment securities | 6,716,873 | 25,686 | 1.53 | 6,731,183 | 23,211 | 1.38 | 2,280 | 195 | 2,475 | ||||||||||||||||||||||||
Overnight investments | 2,813,242 | 3,858 | 0.55 | 2,774,976 | 2,030 | 0.29 | 21 | 1,807 | 1,828 | ||||||||||||||||||||||||
Total interest-earning assets | 31,078,428 | $ | 256,195 | 3.28 | % | 29,565,715 | $ | 243,289 | 3.27 | % | $ | 17,963 | $ | (5,057 | ) | $ | 12,906 | ||||||||||||||||
Cash and due from banks | 478,779 | 492,663 | |||||||||||||||||||||||||||||||
Premises and equipment | 1,134,228 | 1,129,809 | |||||||||||||||||||||||||||||||
FDIC shared-loss receivable | 5,584 | 11,773 | |||||||||||||||||||||||||||||||
Allowance for loan and lease losses | (214,463 | ) | (205,876 | ) | |||||||||||||||||||||||||||||
Other real estate owned | 65,670 | 65,043 | |||||||||||||||||||||||||||||||
Other assets | 675,769 | 694,096 | |||||||||||||||||||||||||||||||
Total assets | $ | 33,223,995 | $ | 31,753,223 | |||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||
Interest-bearing deposits: | |||||||||||||||||||||||||||||||||
Checking with interest | $ | 4,696,279 | $ | 261 | 0.02 | % | $ | 4,234,147 | $ | 204 | 0.02 | % | $ | 40 | $ | 17 | $ | 57 | |||||||||||||||
Savings | 2,080,598 | 161 | 0.03 | 1,887,520 | 142 | 0.03 | 17 | 2 | 19 | ||||||||||||||||||||||||
Money market accounts | 8,113,686 | 1,619 | 0.08 | 8,175,228 | 1,605 | 0.08 | 1 | 13 | 14 | ||||||||||||||||||||||||
Time deposits | 2,892,143 | 2,411 | 0.33 | 3,200,354 | 2,900 | 0.36 | (263 | ) | (226 | ) | (489 | ) | |||||||||||||||||||||
Total interest-bearing deposits | 17,782,706 | 4,452 | 0.10 | 17,497,249 | 4,851 | 0.11 | (205 | ) | (194 | ) | (399 | ) | |||||||||||||||||||||
Repurchase agreements | 726,318 | 485 | 0.27 | 728,526 | 471 | 0.26 | (3 | ) | 17 | 14 | |||||||||||||||||||||||
Other short-term borrowings | 12,749 | 52 | 1.63 | 3,203 | 7 | 1.39 | 38 | 7 | 45 | ||||||||||||||||||||||||
Long-term obligations | 835,509 | 5,876 | 2.81 | 704,465 | 5,813 | 3.30 | 1,004 | (941 | ) | 63 | |||||||||||||||||||||||
Total interest-bearing liabilities | 19,357,282 | $ | 10,865 | 0.22 | % | 18,933,443 | $ | 11,142 | 0.23 | % | $ | 834 | $ | (1,111 | ) | $ | (277 | ) | |||||||||||||||
Demand deposits | 10,448,771 | 9,532,401 | |||||||||||||||||||||||||||||||
Other liabilities | 361,516 | 420,202 | |||||||||||||||||||||||||||||||
Shareholders' equity | 3,056,426 | 2,867,177 | |||||||||||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 33,223,995 | $ | 31,753,223 | |||||||||||||||||||||||||||||
Interest rate spread | 3.06 | % | 3.04 | % | |||||||||||||||||||||||||||||
Net interest income and net yield | |||||||||||||||||||||||||||||||||
on interest-earning assets | $ | 245,330 | 3.14 | % | $ | 232,147 | 3.12 | % | $ | 17,129 | $ | (3,946 | ) | $ | 13,183 |
(Dollars in thousands, except share data) | December 31, 2016 | December 31, 2015 | |||||
Assets | |||||||
Cash and due from banks | $ | 539,741 | $ | 534,086 | |||
Overnight investments | 1,872,594 | 2,063,132 | |||||
Investment securities available for sale (cost of $7,079,287 at December 31, 2016 and $6,885,797 at December 31, 2015) | 7,006,580 | 6,861,293 | |||||
Investment securities held to maturity (fair value of $104 at December 31, 2016 and $265 at December 31, 2015) | 98 | 255 | |||||
Loans held for sale | 74,401 | 59,766 | |||||
Loans and leases | 21,737,878 | 20,239,990 | |||||
Allowance for loan and lease losses | (218,795 | ) | (206,216 | ) | |||
Net loans and leases | 21,519,083 | 20,033,774 | |||||
Premises and equipment | 1,133,044 | 1,135,829 | |||||
Other real estate owned | 61,231 | 65,559 | |||||
Income earned not collected | 79,839 | 70,036 | |||||
FDIC shared-loss receivable | 4,172 | 4,054 | |||||
Goodwill | 150,601 | 139,773 | |||||
Other intangible assets | 78,040 | 90,986 | |||||
Other assets | 471,412 | 417,391 | |||||
Total assets | $ | 32,990,836 | $ | 31,475,934 | |||
Liabilities | |||||||
Deposits: | |||||||
Noninterest-bearing | $ | 10,130,549 | $ | 9,274,470 | |||
Interest-bearing | 18,030,794 | 17,656,285 | |||||
Total deposits | 28,161,343 | 26,930,755 | |||||
Short-term borrowings | 603,487 | 594,733 | |||||
Long-term obligations | 832,942 | 704,155 | |||||
FDIC shared-loss payable | 97,008 | 126,453 | |||||
Other liabilities | 283,629 | 247,729 | |||||
Total liabilities | 29,978,409 | 28,603,825 | |||||
Shareholders’ equity | |||||||
Common stock: | |||||||
Class A - $1 par value (16,000,000 shares authorized; 11,005,220 shares issued and outstanding at December 31, 2016 and December 31, 2015) | 11,005 | 11,005 | |||||
Class B - $1 par value (2,000,000 shares authorized; 1,005,185 shares issued and outstanding at December 31, 2016 and December 31, 2015) | 1,005 | 1,005 | |||||
Preferred stock - $0.01 par value (10,000,000 shares authorized; no shares issued and outstanding at December 31, 2016 and December 31, 2015) | — | — | |||||
Surplus | 658,918 | 658,918 | |||||
Retained earnings | 2,476,691 | 2,265,621 | |||||
Accumulated other comprehensive loss | (135,192 | ) | (64,440 | ) | |||
Total shareholders’ equity | 3,012,427 | 2,872,109 | |||||
Total liabilities and shareholders’ equity | $ | 32,990,836 | $ | 31,475,934 |
Year ended December 31 | |||||||||||
(Dollars in thousands, except share and per share data) | 2016 | 2015 | 2014 | ||||||||
Interest income | |||||||||||
Loans and leases | $ | 876,472 | $ | 874,892 | $ | 700,525 | |||||
Investment securities: | |||||||||||
U. S. Treasury | 11,837 | 15,353 | 11,656 | ||||||||
Government agency | 2,883 | 6,843 | 7,410 | ||||||||
Mortgage-backed securities | 79,336 | 65,815 | 36,492 | ||||||||
Corporate bonds | 1,783 | — | 255 | ||||||||
State, county and municipal | 1 | 33 | 13 | ||||||||
Other | 911 | 206 | 385 | ||||||||
Total investment securities interest and dividend income | 96,751 | 88,250 | 56,211 | ||||||||
Overnight investments | 14,534 | 6,067 | 3,712 | ||||||||
Total interest income | 987,757 | 969,209 | 760,448 | ||||||||
Interest expense | |||||||||||
Deposits | 18,169 | 21,230 | 24,786 | ||||||||
Short-term borrowings | 1,965 | 4,660 | 9,177 | ||||||||
Long-term obligations | 22,948 | 18,414 | 16,388 | ||||||||
Total interest expense | 43,082 | 44,304 | 50,351 | ||||||||
Net interest income | 944,675 | 924,905 | 710,097 | ||||||||
Provision for loan and lease losses | 32,941 | 20,664 | 640 | ||||||||
Net interest income after provision for loan and lease losses | 911,734 | 904,241 | 709,457 | ||||||||
Noninterest income | |||||||||||
Gain on acquisitions | 5,831 | 42,930 | — | ||||||||
Cardholder services | 83,417 | 77,342 | 59,607 | ||||||||
Merchant services | 95,774 | 84,207 | 64,075 | ||||||||
Service charges on deposit accounts | 89,359 | 90,546 | 69,100 | ||||||||
Wealth management services | 80,221 | 82,865 | 66,115 | ||||||||
Fees from processing services | 71 | 180 | 17,989 | ||||||||
Securities gains | 26,673 | 10,817 | 29,096 | ||||||||
Other service charges and fees | 26,940 | 23,807 | 17,760 | ||||||||
Mortgage income | 20,348 | 18,168 | 5,828 | ||||||||
Insurance commissions | 11,150 | 11,757 | 11,129 | ||||||||
ATM income | 7,283 | 7,119 | 5,388 | ||||||||
Adjustments to FDIC shared-loss receivable | (9,725 | ) | (19,009 | ) | (32,151 | ) | |||||
Net impact from FDIC shared-loss termination | 16,559 | — | — | ||||||||
Other | 34,170 | 36,359 | 29,277 | ||||||||
Total noninterest income | 488,071 | 467,088 | 343,213 | ||||||||
Noninterest expense | |||||||||||
Salaries and wages | 428,351 | 429,742 | 349,279 | ||||||||
Employee benefits | 104,518 | 113,309 | 79,898 | ||||||||
Occupancy expense | 102,609 | 98,191 | 86,775 | ||||||||
Equipment expense | 92,501 | 92,639 | 79,084 | ||||||||
Merchant processing | 65,440 | 58,231 | 42,661 | ||||||||
Cardholder processing | 24,474 | 21,735 | 15,133 | ||||||||
FDIC insurance expense | 20,967 | 18,340 | 12,979 | ||||||||
Foreclosure-related expenses | 4,490 | 2,662 | 17,368 | ||||||||
Merger-related expenses | 5,341 | 14,174 | 13,064 | ||||||||
Other | 200,047 | 189,892 | 152,835 | ||||||||
Total noninterest expense | 1,048,738 | 1,038,915 | 849,076 | ||||||||
Income before income taxes | 351,067 | 332,414 | 203,594 | ||||||||
Income taxes | 125,585 | 122,028 | 65,032 | ||||||||
Net income | $ | 225,482 | $ | 210,386 | $ | 138,562 | |||||
Net income per share | $ | 18.77 | $ | 17.52 | $ | 13.56 | |||||
Dividends declared per share | $ | 1.20 | $ | 1.20 | $ | 1.20 | |||||
Average shares outstanding | 12,010,405 | 12,010,405 | 10,221,721 |
Year ended December 31 | |||||||||||
2016 | 2015 | 2014 | |||||||||
(Dollars in thousands) | |||||||||||
Net income | $ | 225,482 | $ | 210,386 | $ | 138,562 | |||||
Other comprehensive (loss) income | |||||||||||
Unrealized (losses) gains on securities: | |||||||||||
Change in unrealized securities (losses) gains arising during period | (21,530 | ) | (22,030 | ) | 54,071 | ||||||
Tax effect | 7,584 | 8,486 | (21,010 | ) | |||||||
Reclassification adjustment for net gains realized and included in income before income taxes | (26,673 | ) | (10,817 | ) | (29,096 | ) | |||||
Tax effect | 9,869 | 4,138 | 11,224 | ||||||||
Total change in unrealized (losses) gains on securities, net of tax | (30,750 | ) | (20,223 | ) | 15,189 | ||||||
Change in fair value of cash flow hedges: | |||||||||||
Change in unrecognized loss on cash flow hedges | 1,429 | 2,908 | 2,883 | ||||||||
Tax effect | (537 | ) | (1,136 | ) | (1,113 | ) | |||||
Total change in unrecognized loss on cash flow hedges, net of tax | 892 | 1,772 | 1,770 | ||||||||
Change in pension obligation: | |||||||||||
Change in pension obligation | (70,424 | ) | 691 | (78,472 | ) | ||||||
Tax effect | 25,077 | (297 | ) | 30,526 | |||||||
Amortization of actuarial losses and prior service cost | 7,069 | 11,586 | 5,358 | ||||||||
Tax effect | (2,616 | ) | (4,988 | ) | (2,084 | ) | |||||
Total change in pension obligation, net of tax | (40,894 | ) | 6,992 | (44,672 | ) | ||||||
Other comprehensive loss | (70,752 | ) | (11,459 | ) | (27,713 | ) | |||||
Total comprehensive income | $ | 154,730 | $ | 198,927 | $ | 110,849 |
Class A Common Stock | Class B Common Stock | Surplus | Retained Earnings | Accumulated Other Comprehensive Loss | Total Shareholders’ Equity | ||||||||||||||||||
(Dollars in thousands, except share data) | |||||||||||||||||||||||
Balance at December 31, 2013 | $ | 8,586 | $ | 1,033 | $ | 143,766 | $ | 1,943,345 | $ | (25,268 | ) | $ | 2,071,462 | ||||||||||
Net income | — | — | — | 138,562 | — | 138,562 | |||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | — | (27,713 | ) | (27,713 | ) | |||||||||||||||
Issuance of common stock in connection with the Bancorporation merger, net of issuance costs of $619 | 2,587 | 18 | 561,023 | — | — | 563,628 | |||||||||||||||||
Repurchase and retirement of 167,600 shares of Class A common stock | (168 | ) | — | (36,140 | ) | — | — | (36,308 | ) | ||||||||||||||
Repurchase and retirement of 45,900 shares of Class B common stock | — | (46 | ) | (9,731 | ) | — | — | (9,777 | ) | ||||||||||||||
Cash dividends ($1.20 per share) | — | — | — | (12,260 | ) | — | (12,260 | ) | |||||||||||||||
Balance at December 31, 2014 | 11,005 | 1,005 | 658,918 | 2,069,647 | (52,981 | ) | 2,687,594 | ||||||||||||||||
Net income | — | — | — | 210,386 | — | 210,386 | |||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | — | (11,459 | ) | (11,459 | ) | |||||||||||||||
Cash dividends ($1.20 per share) | — | — | — | (14,412 | ) | — | (14,412 | ) | |||||||||||||||
Balance at December 31, 2015 | 11,005 | 1,005 | 658,918 | 2,265,621 | (64,440 | ) | 2,872,109 | ||||||||||||||||
Net income | — | — | — | 225,482 | — | 225,482 | |||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | — | (70,752 | ) | (70,752 | ) | |||||||||||||||
Cash dividends ($1.20 per share) | — | — | — | (14,412 | ) | — | (14,412 | ) | |||||||||||||||
Balance at December 31, 2016 | $ | 11,005 | $ | 1,005 | $ | 658,918 | $ | 2,476,691 | $ | (135,192 | ) | $ | 3,012,427 |
Year ended December 31 | |||||||||||
(Dollars in thousands) | 2016 | 2015 | 2014 | ||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||
Net income | $ | 225,482 | $ | 210,386 | $ | 138,562 | |||||
Adjustments to reconcile net income to cash provided by operating activities: | |||||||||||
Provision for loan and lease losses | 32,941 | 20,664 | 640 | ||||||||
Deferred tax expense (benefit) | 33,146 | 550 | (33,339 | ) | |||||||
Net change in current taxes | (24,380 | ) | (19,477 | ) | 72,274 | ||||||
Depreciation | 88,777 | 87,717 | 75,481 | ||||||||
Net change in accrued interest payable | (1,916 | ) | (2,481 | ) | 1,457 | ||||||
Net change in income earned not collected | (7,805 | ) | (12,782 | ) | 6,402 | ||||||
Gain on acquisitions | (5,831 | ) | (42,930 | ) | — | ||||||
Gain on branch sale | — | (216 | ) | — | |||||||
Securities gains | (26,673 | ) | (10,817 | ) | (29,096 | ) | |||||
Loss on termination of FDIC shared-loss agreements | 3,377 | — | — | ||||||||
Origination of loans held for sale | (795,963 | ) | (685,631 | ) | (377,993 | ) | |||||
Proceeds from sale of loans held for sale | 797,123 | 701,412 | 398,719 | ||||||||
Gain on sale of loans held for sale | (15,795 | ) | (11,851 | ) | (4,971 | ) | |||||
Gain on sale of portfolio loans | (3,758 | ) | — | — | |||||||
Net write-downs/losses on other real estate | 6,201 | 2,168 | 14,275 | ||||||||
Gain on elimination of acquired debt | — | — | (1,988 | ) | |||||||
Net amortization of premiums and discounts | (44,618 | ) | (85,066 | ) | (48,374 | ) | |||||
Amortization of intangible assets | 21,808 | 22,894 | 6,955 | ||||||||
Reduction in FDIC receivable for shared-loss agreements | 14,745 | 47,044 | 27,666 | ||||||||
Net change in FDIC payable for shared-loss agreements | (11,245 | ) | 9,918 | 6,933 | |||||||
Net change in other assets | (27,656 | ) | (12,904 | ) | (72,680 | ) | |||||
Net change in other liabilities | (25,520 | ) | 14,458 | 1,319 | |||||||
Net cash provided by operating activities | 232,440 | 233,056 | 182,242 | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||
Net change in loans outstanding | (1,214,433 | ) | (1,311,447 | ) | (814,372 | ) | |||||
Purchases of investment securities available for sale | (4,086,855 | ) | (2,467,993 | ) | (2,518,680 | ) | |||||
Proceeds from maturities/calls of investment securities held to maturity | 157 | 263 | 389 | ||||||||
Proceeds from maturities/calls of investment securities available for sale | 2,149,130 | 1,478,608 | 2,482,722 | ||||||||
Proceeds from sales of investment securities available for sale | 1,829,305 | 1,286,120 | 422,652 | ||||||||
Net change in overnight investments | 233,433 | (338,213 | ) | 221,730 | |||||||
Cash paid to the FDIC for shared-loss agreements | (21,059 | ) | (33,296 | ) | (1,286 | ) | |||||
Net cash paid to the FDIC for termination of shared-loss agreements | (20,115 | ) | — | — | |||||||
Proceeds from sales of other real estate | 34,944 | 80,932 | 89,485 | ||||||||
Proceeds from sales of portfolio loans | 77,665 | 45,862 | — | ||||||||
Additions to premises and equipment | (81,841 | ) | (89,734 | ) | (82,708 | ) | |||||
Net cash used in branch sale | — | (22,242 | ) | — | |||||||
Business acquisitions, net of cash acquired | (727 | ) | 123,137 | 182,370 | |||||||
Net cash used by investing activities | (1,100,396 | ) | (1,248,003 | ) | (17,698 | ) | |||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||
Net decrease in time deposits | (505,548 | ) | (590,773 | ) | (499,869 | ) | |||||
Net increase in demand and other interest-bearing deposits | 1,287,856 | 1,607,487 | 497,692 | ||||||||
Net decrease in short-term borrowings | (33,072 | ) | (397,952 | ) | (25,321 | ) | |||||
Repayment of long-term obligations | (11,213 | ) | (5,896 | ) | (54,301 | ) | |||||
Origination of long-term obligations | 150,000 | 350,000 | — | ||||||||
Stock issuance costs | — | — | (619 | ) | |||||||
Cash dividends paid | (14,412 | ) | (18,015 | ) | (11,543 | ) | |||||
Net cash provided (used) by financing activities | 873,611 | 944,851 | (93,961 | ) | |||||||
Change in cash and due from banks | 5,655 | (70,096 | ) | 70,583 | |||||||
Cash and due from banks at beginning of period | 534,086 | 604,182 | 533,599 | ||||||||
Cash and due from banks at end of period | $ | 539,741 | $ | 534,086 | $ | 604,182 | |||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | |||||||||||
Cash paid during the period for: | |||||||||||
Interest | $ | 44,998 | $ | 46,785 | $ | 48,894 | |||||
Income taxes | 108,741 | 136,900 | 127,970 | ||||||||
Noncash investing and financing activities: | |||||||||||
Transfers of loans to other real estate | 35,272 | 55,032 | 65,956 | ||||||||
Dividends declared but not paid | — | — | 3,603 | ||||||||
Repurchase and retirement of common stock | — | — | (46,085 | ) | |||||||
Issuance of common stock associated with Bancorporation merger | — | — | 564,248 |
• | Allowance for loan and lease losses; |
• | Fair value of financial instruments, including acquired assets and assumed liabilities; |
• | Pension plan assumptions; |
• | Cash flow estimates on purchased credit-impaired (PCI) loans; |
• | Goodwill and other intangible assets; |
• | FDIC shared-loss receivable and payable; and |
• | Income tax assets, liabilities and expense |
(Dollars in thousands) | As recorded by FCB | ||||||
Purchase price | $ | 37,053 | |||||
Assets | |||||||
Cash and due from banks | $ | 8,383 | |||||
Overnight investments | 3,081 | ||||||
Investment securities available for sale | 76,633 | ||||||
Loans and leases | 241,392 | ||||||
Premises and equipment | 4,151 | ||||||
Other real estate owned | 1,170 | ||||||
Income earned not collected | 1,990 | ||||||
Intangible assets | 2,210 | ||||||
Other assets | 10,318 | ||||||
Total assets acquired | 349,328 | ||||||
Liabilities | |||||||
Deposits | 292,192 | ||||||
Short-term borrowings | 30,164 | ||||||
Other liabilities | 747 | ||||||
Total liabilities assumed | $ | 323,103 | |||||
Fair value of net assets acquired | 26,225 | ||||||
Goodwill recorded for Cordia | $ | 10,828 |
(Dollars in thousands) | As recorded by FCB | ||
Assets | |||
Cash and due from banks | $ | 748 | |
Overnight investments | 37,540 | ||
Investment securities | 4,564 | ||
Loans | 43,776 | ||
Other real estate owned | 375 | ||
Income earned not collected | 8 | ||
Intangible assets | 390 | ||
Other assets | 13 | ||
Total assets acquired | 87,414 | ||
Liabilities | |||
Deposits | 96,882 | ||
Other liabilities | 23 | ||
Total liabilities assumed | 96,905 | ||
Fair value of net liabilities assumed | (9,491 | ) | |
Cash received from FDIC | 12,450 | ||
Gain on acquisition of FCSB | $ | 2,959 |
(Dollars in thousands) | As recorded by FCB | ||
Assets | |||
Cash and due from banks | $ | 4,545 | |
Overnight investments | 2,274 | ||
Investment securities available for sale | 9,425 | ||
Loans | 36,914 | ||
Other intangible assets | 240 | ||
Other assets | 216 | ||
Total assets acquired | 53,614 | ||
Liabilities | |||
Deposits | 59,206 | ||
Short-term borrowings | 1,662 | ||
Other liabilities | 74 | ||
Total liabilities assumed | 60,942 | ||
Fair value of net liabilities assumed | (7,328 | ) | |
Cash received from FDIC | 10,200 | ||
Gain on acquisition of NMSB | $ | 2,872 |
December 31, 2016 | |||||||||||||||
(Dollars in thousands) | Cost | Gross unrealized gains | Gross unrealized losses | Fair value | |||||||||||
Investment securities available for sale | |||||||||||||||
U.S. Treasury | $ | 1,650,675 | $ | 579 | $ | 935 | $ | 1,650,319 | |||||||
Government agency | 40,291 | 107 | — | 40,398 | |||||||||||
Mortgage-backed securities | 5,259,466 | 2,809 | 86,850 | 5,175,425 | |||||||||||
Equity securities | 71,873 | 11,634 | — | 83,507 | |||||||||||
Corporate bonds | 49,367 | 195 | — | 49,562 | |||||||||||
Other | 7,615 | — | 246 | 7,369 | |||||||||||
Total investment securities available for sale | $ | 7,079,287 | $ | 15,324 | $ | 88,031 | $ | 7,006,580 | |||||||
December 31, 2015 | |||||||||||||||
Cost | Gross unrealized gains | Gross unrealized losses | Fair value | ||||||||||||
U.S. Treasury | $ | 1,675,996 | $ | 4 | $ | 1,118 | $ | 1,674,882 | |||||||
Government agency | 498,804 | 230 | 374 | 498,660 | |||||||||||
Mortgage-backed securities | 4,692,447 | 5,120 | 29,369 | 4,668,198 | |||||||||||
Equity securities | 7,935 | 968 | 10 | 8,893 | |||||||||||
Corporate bonds | 8,500 | — | — | 8,500 | |||||||||||
Other | 2,115 | 45 | — | 2,160 | |||||||||||
Total investment securities available for sale | $ | 6,885,797 | $ | 6,367 | $ | 30,871 | $ | 6,861,293 | |||||||
December 31, 2016 | |||||||||||||||
Cost | Gross unrealized gains | Gross unrealized losses | Fair value | ||||||||||||
Investment securities held to maturity | |||||||||||||||
Mortgage-backed securities | $ | 98 | $ | 6 | $ | — | $ | 104 | |||||||
December 31, 2015 | |||||||||||||||
Cost | Gross unrealized gains | Gross unrealized losses | Fair value | ||||||||||||
Mortgage-backed securities | $ | 255 | $ | 10 | $ | — | $ | 265 |
December 31, 2016 | December 31, 2015 | ||||||||||||||
(Dollars in thousands) | Cost | Fair value | Cost | Fair value | |||||||||||
Investment securities available for sale | |||||||||||||||
Non-amortizing securities maturing in: | |||||||||||||||
One year or less | $ | 842,798 | $ | 842,947 | $ | 1,255,714 | $ | 1,255,094 | |||||||
One through five years | 848,168 | 847,770 | 919,086 | 918,448 | |||||||||||
Five through 10 years | 49,367 | 49,562 | 8,500 | 8,500 | |||||||||||
Over 10 years | 7,615 | 7,369 | 2,115 | 2,160 | |||||||||||
Mortgage-backed securities | 5,259,466 | 5,175,425 | 4,692,447 | 4,668,198 | |||||||||||
Equity securities | 71,873 | 83,507 | 7,935 | 8,893 | |||||||||||
Total investment securities available for sale | $ | 7,079,287 | $ | 7,006,580 | $ | 6,885,797 | $ | 6,861,293 | |||||||
Investment securities held to maturity | |||||||||||||||
Mortgage-backed securities held to maturity | $ | 98 | $ | 104 | $ | 255 | $ | 265 |
Year ended December 31 | |||||||||||
(Dollars in thousands) | 2016 | 2015 | 2014 | ||||||||
Gross gains on retirement/sales of investment securities available for sale | $ | 27,104 | $ | 10,834 | $ | 29,129 | |||||
Gross losses on sales of investment securities available for sale | (431 | ) | (17 | ) | (33 | ) | |||||
Total securities gains | $ | 26,673 | $ | 10,817 | $ | 29,096 |
December 31, 2016 | |||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||
(Dollars in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||
Investment securities available for sale: | |||||||||||||||||||||||
U.S. Treasury | $ | 807,822 | $ | 935 | $ | — | $ | — | $ | 807,822 | $ | 935 | |||||||||||
Mortgage-backed securities | 4,442,700 | 82,161 | 362,351 | 4,689 | 4,805,051 | 86,850 | |||||||||||||||||
Other | 7,369 | 246 | — | — | 7,369 | 246 | |||||||||||||||||
Total | $ | 5,257,891 | $ | 83,342 | $ | 362,351 | $ | 4,689 | $ | 5,620,242 | $ | 88,031 | |||||||||||
December 31, 2015 | |||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||
Investment securities available for sale: | |||||||||||||||||||||||
U.S. Treasury | $ | 1,539,637 | $ | 1,118 | $ | — | $ | — | $ | 1,539,637 | $ | 1,118 | |||||||||||
Government agency | 229,436 | 374 | — | — | 229,436 | 374 | |||||||||||||||||
Mortgage-backed securities | 3,570,470 | 23,275 | 280,126 | 6,094 | 3,850,596 | 29,369 | |||||||||||||||||
Equity securities | 728 | 10 | — | — | 728 | 10 | |||||||||||||||||
Total | $ | 5,340,271 | $ | 24,777 | $ | 280,126 | $ | 6,094 | $ | 5,620,397 | $ | 30,871 |
(Dollars in thousands) | December 31, 2016 | December 31, 2015 | |||||
Non-PCI loans and leases: | |||||||
Commercial: | |||||||
Construction and land development | $ | 649,157 | $ | 620,352 | |||
Commercial mortgage | 9,026,220 | 8,274,548 | |||||
Other commercial real estate | 351,291 | 321,021 | |||||
Commercial and industrial | 2,567,501 | 2,368,958 | |||||
Lease financing | 826,270 | 730,778 | |||||
Other | 340,264 | 314,832 | |||||
Total commercial loans | 13,760,703 | 12,630,489 | |||||
Noncommercial: | |||||||
Residential mortgage | 2,889,124 | 2,695,985 | |||||
Revolving mortgage | 2,601,344 | 2,523,106 | |||||
Construction and land development | 231,400 | 220,073 | |||||
Consumer | 1,446,138 | 1,219,821 | |||||
Total noncommercial loans | 7,168,006 | 6,658,985 | |||||
Total non-PCI loans and leases | 20,928,709 | 19,289,474 | |||||
PCI loans: | |||||||
Commercial: | |||||||
Construction and land development | 20,766 | 33,880 | |||||
Commercial mortgage | 453,013 | 525,468 | |||||
Other commercial real estate | 12,645 | 17,076 | |||||
Commercial and industrial | 11,844 | 15,182 | |||||
Other | 1,702 | 2,008 | |||||
Total commercial loans | 499,970 | 593,614 | |||||
Noncommercial: | |||||||
Residential mortgage | 268,777 | 302,158 | |||||
Revolving mortgage | 38,650 | 52,471 | |||||
Consumer | 1,772 | 2,273 | |||||
Total noncommercial loans | 309,199 | 356,902 | |||||
Total PCI loans | 809,169 | 950,516 | |||||
Total loans and leases | $ | 21,737,878 | $ | 20,239,990 |
December 31, 2016 | |||||||||||||||||||||||||||
(Dollars in thousands) | Non-PCI commercial loans and leases | ||||||||||||||||||||||||||
Grade: | Construction and land development | Commercial mortgage | Other commercial real estate | Commercial and industrial | Lease financing | Other | Total non-PCI commercial loans and leases | ||||||||||||||||||||
Pass | $ | 645,232 | $ | 8,821,439 | $ | 347,509 | $ | 2,402,659 | $ | 818,008 | $ | 335,831 | $ | 13,370,678 | |||||||||||||
Special mention | 2,236 | 76,084 | 1,433 | 22,804 | 2,675 | 1,020 | 106,252 | ||||||||||||||||||||
Substandard | 1,683 | 126,863 | 2,349 | 17,870 | 5,415 | 3,413 | 157,593 | ||||||||||||||||||||
Doubtful | 6 | 334 | — | 8 | — | — | 348 | ||||||||||||||||||||
Ungraded | — | 1,500 | — | 124,160 | 172 | — | 125,832 | ||||||||||||||||||||
Total | $ | 649,157 | $ | 9,026,220 | $ | 351,291 | $ | 2,567,501 | $ | 826,270 | $ | 340,264 | $ | 13,760,703 | |||||||||||||
December 31, 2015 | |||||||||||||||||||||||||||
Non-PCI commercial loans and leases | |||||||||||||||||||||||||||
Construction and land development | Commercial mortgage | Other commercial real estate | Commercial and industrial | Lease financing | Other | Total non-PCI commercial loans and leases | |||||||||||||||||||||
Pass | $ | 611,314 | $ | 8,024,831 | $ | 318,187 | $ | 2,219,606 | $ | 719,338 | $ | 311,401 | $ | 12,204,677 | |||||||||||||
Special mention | 5,191 | 100,220 | 475 | 19,361 | 4,869 | 1,905 | 132,021 | ||||||||||||||||||||
Substandard | 3,847 | 146,071 | 959 | 21,322 | 6,375 | 1,526 | 180,100 | ||||||||||||||||||||
Doubtful | — | 599 | — | 408 | 169 | — | 1,176 | ||||||||||||||||||||
Ungraded | — | 2,827 | 1,400 | 108,261 | 27 | — | 112,515 | ||||||||||||||||||||
Total | $ | 620,352 | $ | 8,274,548 | $ | 321,021 | $ | 2,368,958 | $ | 730,778 | $ | 314,832 | $ | 12,630,489 |
December 31, 2016 | |||||||||||||||||||
Non-PCI noncommercial loans and leases | |||||||||||||||||||
(Dollars in thousands) | Residential mortgage | Revolving mortgage | Construction and land development | Consumer | Total non-PCI noncommercial loans and leases | ||||||||||||||
Current | $ | 2,839,045 | $ | 2,576,942 | $ | 229,106 | $ | 1,434,658 | $ | 7,079,751 | |||||||||
30-59 days past due | 27,760 | 14,290 | 1,139 | 6,775 | 49,964 | ||||||||||||||
60-89 days past due | 7,039 | 2,698 | 598 | 2,779 | 13,114 | ||||||||||||||
90 days or greater past due | 15,280 | 7,414 | 557 | 1,926 | 25,177 | ||||||||||||||
Total | $ | 2,889,124 | $ | 2,601,344 | $ | 231,400 | $ | 1,446,138 | $ | 7,168,006 | |||||||||
December 31, 2015 | |||||||||||||||||||
Non-PCI noncommercial loans and leases | |||||||||||||||||||
Residential mortgage | Revolving mortgage | Construction and land development | Consumer | Total non-PCI noncommercial loans and leases | |||||||||||||||
Current | $ | 2,651,209 | $ | 2,502,065 | $ | 214,555 | $ | 1,210,832 | $ | 6,578,661 | |||||||||
30-59 days past due | 23,960 | 11,706 | 3,211 | 5,545 | 44,422 | ||||||||||||||
60-89 days past due | 7,536 | 3,704 | 669 | 1,822 | 13,731 | ||||||||||||||
90 days or greater past due | 13,280 | 5,631 | 1,638 | 1,622 | 22,171 | ||||||||||||||
Total | $ | 2,695,985 | $ | 2,523,106 | $ | 220,073 | $ | 1,219,821 | $ | 6,658,985 |
December 31, 2016 | |||||||||||||||||||||||
(Dollars in thousands) | PCI commercial loans | ||||||||||||||||||||||
Grade: | Construction and land development | Commercial mortgage | Other commercial real estate | Commercial and industrial | Other | Total PCI commercial loans | |||||||||||||||||
Pass | $ | 8,103 | $ | 234,023 | $ | 8,744 | $ | 7,253 | $ | 696 | $ | 258,819 | |||||||||||
Special mention | 950 | 67,848 | 102 | 620 | — | 69,520 | |||||||||||||||||
Substandard | 7,850 | 138,312 | 3,462 | 3,648 | 1,006 | 154,278 | |||||||||||||||||
Doubtful | 3,863 | 12,830 | 337 | 303 | — | 17,333 | |||||||||||||||||
Ungraded | — | — | — | 20 | — | 20 | |||||||||||||||||
Total | $ | 20,766 | $ | 453,013 | $ | 12,645 | $ | 11,844 | $ | 1,702 | $ | 499,970 | |||||||||||
December 31, 2015 | |||||||||||||||||||||||
PCI commercial loans | |||||||||||||||||||||||
Construction and land development | Commercial mortgage | Other commercial real estate | Commercial and industrial | Other | Total PCI commercial loans | ||||||||||||||||||
Pass | $ | 14,710 | $ | 262,579 | $ | 7,366 | $ | 9,302 | $ | 706 | $ | 294,663 | |||||||||||
Special mention | 758 | 87,870 | 60 | 937 | — | 89,625 | |||||||||||||||||
Substandard | 14,131 | 163,801 | 9,229 | 4,588 | 1,302 | 193,051 | |||||||||||||||||
Doubtful | 4,281 | 10,875 | — | 282 | — | 15,438 | |||||||||||||||||
Ungraded | — | 343 | 421 | 73 | — | 837 | |||||||||||||||||
Total | $ | 33,880 | $ | 525,468 | $ | 17,076 | $ | 15,182 | $ | 2,008 | $ | 593,614 |
December 31, 2016 | |||||||||||||||
PCI noncommercial loans | |||||||||||||||
(Dollars in thousands) | Residential mortgage | Revolving mortgage | Consumer | Total PCI noncommercial loans | |||||||||||
Current | $ | 230,065 | $ | 33,827 | $ | 1,637 | $ | 265,529 | |||||||
30-59 days past due | 9,595 | 618 | 68 | 10,281 | |||||||||||
60-89 days past due | 6,528 | 268 | 4 | 6,800 | |||||||||||
90 days or greater past due | 22,589 | 3,937 | 63 | 26,589 | |||||||||||
Total | $ | 268,777 | $ | 38,650 | $ | 1,772 | $ | 309,199 | |||||||
December 31, 2015 | |||||||||||||||
PCI noncommercial loans | |||||||||||||||
Residential mortgage | Revolving mortgage | Consumer | Total PCI noncommercial loans | ||||||||||||
Current | $ | 257,207 | $ | 47,901 | $ | 1,981 | $ | 307,089 | |||||||
30-59 days past due | 12,318 | 1,127 | 86 | 13,531 | |||||||||||
60-89 days past due | 4,441 | 501 | 132 | 5,074 | |||||||||||
90 days or greater past due | 28,192 | 2,942 | 74 | 31,208 | |||||||||||
Total | $ | 302,158 | $ | 52,471 | $ | 2,273 | $ | 356,902 |
December 31, 2016 | |||||||||||||||||||||||
(Dollars in thousands) | 30-59 days past due | 60-89 days past due | 90 days or greater | Total past due | Current | Total loans and leases | |||||||||||||||||
Non-PCI loans and leases: | |||||||||||||||||||||||
Construction and land development - commercial | $ | 1,845 | $ | 39 | $ | 286 | $ | 2,170 | $ | 646,987 | $ | 649,157 | |||||||||||
Commercial mortgage | 11,592 | 2,773 | 10,329 | 24,694 | 9,001,526 | 9,026,220 | |||||||||||||||||
Other commercial real estate | 310 | — | — | 310 | 350,981 | 351,291 | |||||||||||||||||
Commercial and industrial | 7,918 | 2,102 | 1,051 | 11,071 | 2,556,430 | 2,567,501 | |||||||||||||||||
Lease financing | 1,175 | 444 | 863 | 2,482 | 823,788 | 826,270 | |||||||||||||||||
Residential mortgage | 27,760 | 7,039 | 15,280 | 50,079 | 2,839,045 | 2,889,124 | |||||||||||||||||
Revolving mortgage | 14,290 | 2,698 | 7,414 | 24,402 | 2,576,942 | 2,601,344 | |||||||||||||||||
Construction and land development - noncommercial | 1,139 | 598 | 557 | 2,294 | 229,106 | 231,400 | |||||||||||||||||
Consumer | 6,775 | 2,779 | 1,926 | 11,480 | 1,434,658 | 1,446,138 | |||||||||||||||||
Other | 72 | — | 198 | 270 | 339,994 | 340,264 | |||||||||||||||||
Total non-PCI loans and leases | $ | 72,876 | $ | 18,472 | $ | 37,904 | $ | 129,252 | $ | 20,799,457 | $ | 20,928,709 | |||||||||||
December 31, 2015 | |||||||||||||||||||||||
30-59 days past due | 60-89 days past due | 90 days or greater | Total past due | Current | Total loans and leases | ||||||||||||||||||
Non-PCI loans and leases: | |||||||||||||||||||||||
Construction and land development - commercial | $ | 987 | $ | 283 | $ | 463 | $ | 1,733 | $ | 618,619 | $ | 620,352 | |||||||||||
Commercial mortgage | 13,023 | 3,446 | 14,495 | 30,964 | 8,243,584 | 8,274,548 | |||||||||||||||||
Other commercial real estate | 884 | — | 142 | 1,026 | 319,995 | 321,021 | |||||||||||||||||
Commercial and industrial | 2,133 | 1,079 | 1,780 | 4,992 | 2,363,966 | 2,368,958 | |||||||||||||||||
Lease financing | 2,070 | 2 | 164 | 2,236 | 728,542 | 730,778 | |||||||||||||||||
Residential mortgage | 23,960 | 7,536 | 13,280 | 44,776 | 2,651,209 | 2,695,985 | |||||||||||||||||
Revolving mortgage | 11,706 | 3,704 | 5,631 | 21,041 | 2,502,065 | 2,523,106 | |||||||||||||||||
Construction and land development - noncommercial | 3,211 | 669 | 1,638 | 5,518 | 214,555 | 220,073 | |||||||||||||||||
Consumer | 5,545 | 1,822 | 1,622 | 8,989 | 1,210,832 | 1,219,821 | |||||||||||||||||
Other | 3 | 164 | 134 | 301 | 314,531 | 314,832 | |||||||||||||||||
Total non-PCI loans and leases | $ | 63,522 | $ | 18,705 | $ | 39,349 | $ | 121,576 | $ | 19,167,898 | $ | 19,289,474 |
December 31, 2016 | December 31, 2015 | ||||||||||||||
(Dollars in thousands) | Nonaccrual loans and leases | Loans and leases > 90 days and accruing | Nonaccrual loans and leases | Loans and leases > 90 days and accruing | |||||||||||
Non-PCI loans and leases: | |||||||||||||||
Construction and land development - commercial | $ | 606 | $ | — | $ | 425 | $ | 273 | |||||||
Commercial mortgage | 26,527 | 482 | 42,116 | 242 | |||||||||||
Other commercial real estate | 86 | — | 239 | — | |||||||||||
Commercial and industrial | 4,275 | 440 | 6,235 | 953 | |||||||||||
Lease financing | 359 | 683 | 389 | — | |||||||||||
Residential mortgage | 32,470 | 37 | 29,977 | 838 | |||||||||||
Revolving mortgage | 14,308 | — | 12,704 | — | |||||||||||
Construction and land development - noncommercial | 1,121 | — | 2,164 | — | |||||||||||
Consumer | 2,236 | 1,076 | 1,472 | 1,007 | |||||||||||
Other | 319 | — | 133 | 2 | |||||||||||
Total non-PCI loans and leases | $ | 82,307 | $ | 2,718 | $ | 95,854 | $ | 3,315 |
(Dollars in thousands) | 2016 | 2015 | |||||
Contractually required payments | $ | 108,649 | $ | 247,812 | |||
Cash flows expected to be collected | $ | 93,178 | $ | 207,688 | |||
Fair value of loans at acquisition | $ | 80,690 | $ | 154,496 |
(Dollars in thousands) | 2016 | 2015 | |||||
Commercial: | |||||||
Construction and land development | $ | 684 | $ | 4,116 | |||
Commercial mortgage | 50,372 | 129,732 | |||||
Other commercial real estate | 2,629 | 3,202 | |||||
Commercial and industrial | 3,630 | 2,844 | |||||
Other | 1,619 | — | |||||
Total commercial loans | 58,934 | 139,894 | |||||
Noncommercial: | |||||||
Residential mortgage | 18,934 | 13,251 | |||||
Revolving mortgage | 1,238 | — | |||||
Construction and land development | 340 | — | |||||
Consumer | 1,244 | 1,351 | |||||
Total noncommercial loans | 21,756 | 14,602 | |||||
Total PCI loans | $ | 80,690 | $ | 154,496 |
(Dollars in thousands) | 2016 | 2015 | |||||
Balance at January 1 | $ | 950,516 | $ | 1,186,498 | |||
Fair value of PCI loans acquired during the year | 80,690 | 154,496 | |||||
Accretion | 76,565 | 114,580 | |||||
Payments received and other changes, net | (298,602 | ) | (505,058 | ) | |||
Balance at December 31 | $ | 809,169 | $ | 950,516 | |||
Unpaid principal balance at December 31 | $ | 1,266,395 | $ | 1,693,372 |
(Dollars in thousands) | 2016 | 2015 | |||||
Balance at January 1 | $ | 343,856 | $ | 418,160 | |||
Additions from acquisitions | 12,488 | 53,192 | |||||
Accretion | (76,565 | ) | (114,580 | ) | |||
Reclassifications from nonaccretable difference | 29,931 | 25,357 | |||||
Changes in expected cash flows that do not affect nonaccretable difference | 25,364 | (38,273 | ) | ||||
Balance at December 31 | $ | 335,074 | $ | 343,856 |
(Dollars in thousands) | 2016 | ||
Contractually required payments | $ | 296,529 | |
Contractual cash flows not expected to be collected | $ | 2,678 | |
Fair value at acquisition date | $ | 241,392 |
(Dollars in thousands) | 2016 | ||
Commercial: | |||
Construction and land development | $ | 3,066 | |
Commercial mortgage | 77,455 | ||
Other commercial real estate | 22,174 | ||
Commercial and industrial | 31,773 | ||
Total commercial loans and leases | 134,468 | ||
Noncommercial: | |||
Residential mortgage | 16,839 | ||
Revolving mortgage | 9,867 | ||
Consumer | 80,218 | ||
Total noncommercial loans and leases | 106,924 | ||
Total non-PCI loans | $ | 241,392 |
Non-PCI | PCI | Total | |||||||||
(Dollars in thousands) | |||||||||||
Balance at December 31, 2013 | $ | 179,874 | $ | 53,520 | $ | 233,394 | |||||
Provision (credit) for loan and lease losses | 15,260 | (14,620 | ) | 640 | |||||||
Loans and leases charged-off | (20,499 | ) | (17,271 | ) | (37,770 | ) | |||||
Loans and leases recovered | 8,202 | — | 8,202 | ||||||||
Net charge-offs | (12,297 | ) | (17,271 | ) | (29,568 | ) | |||||
Balance at December 31, 2014 | 182,837 | 21,629 | 204,466 | ||||||||
Provision (credit) for loan and lease losses | 22,937 | (2,273 | ) | 20,664 | |||||||
Loans and leases charged-off | (25,304 | ) | (3,044 | ) | (28,348 | ) | |||||
Loans and leases recovered | 9,434 | — | 9,434 | ||||||||
Net charge-offs | (15,870 | ) | (3,044 | ) | (18,914 | ) | |||||
Balance at December 31, 2015 | 189,904 | 16,312 | 206,216 | ||||||||
Provision (credit) for loan and lease losses | 34,870 | (1,929 | ) | 32,941 | |||||||
Loans and leases charged-off | (29,587 | ) | (614 | ) | (30,201 | ) | |||||
Loans and leases recovered | 9,839 | — | 9,839 | ||||||||
Net charge-offs | (19,748 | ) | (614 | ) | (20,362 | ) | |||||
Balance at December 31, 2016 | $ | 205,026 | $ | 13,769 | $ | 218,795 |
Years ended December 31, 2016, 2015 and 2014 | |||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Construction and land development - commercial | Commercial mortgage | Other commercial real estate | Commercial and industrial | Lease financing | Other | Residential mortgage | Revolving mortgage | Construction and land development - non- commercial | Consumer | Total | ||||||||||||||||||||||||||||||||
Non-PCI Loans | |||||||||||||||||||||||||||||||||||||||||||
Allowance for loan and lease losses: | |||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2014 | $ | 10,335 | $ | 100,257 | $ | 1,009 | $ | 22,362 | $ | 4,749 | $ | 190 | $ | 10,511 | $ | 16,239 | $ | 681 | $ | 13,541 | $ | 179,874 | |||||||||||||||||||||
Provision (credits) | 1,735 | (16,746 | ) | (401 | ) | 10,441 | (473 | ) | 3,007 | 1,219 | 6,301 | 245 | 9,932 | 15,260 | |||||||||||||||||||||||||||||
Charge-offs | (316 | ) | (1,147 | ) | — | (3,014 | ) | (100 | ) | (13 | ) | (1,260 | ) | (4,744 | ) | (118 | ) | (9,787 | ) | (20,499 | ) | ||||||||||||||||||||||
Recoveries | 207 | 2,825 | 124 | 938 | 110 | — | 191 | 854 | 84 | 2,869 | 8,202 | ||||||||||||||||||||||||||||||||
Balance at December 31, 2014 | 11,961 | 85,189 | 732 | 30,727 | 4,286 | 3,184 | 10,661 | 18,650 | 892 | 16,555 | 182,837 | ||||||||||||||||||||||||||||||||
Provision (credits) | 4,773 | (15,822 | ) | 1,569 | 17,432 | 1,602 | (1,420 | ) | 4,202 | (927 | ) | 541 | 10,987 | 22,937 | |||||||||||||||||||||||||||||
Charge-offs | (1,012 | ) | (1,498 | ) | (178 | ) | (5,952 | ) | (402 | ) | — | (1,619 | ) | (2,925 | ) | (22 | ) | (11,696 | ) | (25,304 | ) | ||||||||||||||||||||||
Recoveries | 566 | 2,027 | 45 | 909 | 38 | 91 | 861 | 1,173 | 74 | 3,650 | 9,434 | ||||||||||||||||||||||||||||||||
Balance at December 31, 2015 | 16,288 | 69,896 | 2,168 | 43,116 | 5,524 | 1,855 | 14,105 | 15,971 | 1,485 | 19,496 | 189,904 | ||||||||||||||||||||||||||||||||
Provision (credits) | 12,871 | (21,912 | ) | 925 | 14,583 | 635 | 877 | 9,448 | (1,234 | ) | 45 | 18,632 | 34,870 | ||||||||||||||||||||||||||||||
Charge-offs | (680 | ) | (987 | ) | — | (9,013 | ) | (442 | ) | (144 | ) | (926 | ) | (3,287 | ) | — | (14,108 | ) | (29,587 | ) | |||||||||||||||||||||||
Recoveries | 398 | 1,281 | 176 | 1,539 | 190 | 539 | 467 | 916 | 66 | 4,267 | 9,839 | ||||||||||||||||||||||||||||||||
Balance at December 31, 2016 | $ | 28,877 | $ | 48,278 | $ | 3,269 | $ | 50,225 | $ | 5,907 | $ | 3,127 | $ | 23,094 | $ | 12,366 | $ | 1,596 | $ | 28,287 | $ | 205,026 |
December 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Construction and land development - commercial | Commercial mortgage | Other commercial real estate | Commercial and industrial | Lease financing | Other | Residential mortgage | Revolving mortgage | Construction and land development - non-commercial | Consumer | Total | ||||||||||||||||||||||||||||||||
Non-PCI Loans | |||||||||||||||||||||||||||||||||||||||||||
Allowance for loan and lease losses: | |||||||||||||||||||||||||||||||||||||||||||
ALLL for loans and leases individually evaluated for impairment | $ | 151 | $ | 3,488 | $ | 152 | $ | 1,732 | $ | 75 | $ | 23 | $ | 2,447 | $ | 366 | $ | 109 | $ | 667 | $ | 9,210 | |||||||||||||||||||||
ALLL for loans and leases collectively evaluated for impairment | 28,726 | 44,790 | 3,117 | 48,493 | 5,832 | 3,104 | 20,647 | 12,000 | 1,487 | 27,620 | 195,816 | ||||||||||||||||||||||||||||||||
Total allowance for loan and lease losses | $ | 28,877 | $ | 48,278 | $ | 3,269 | $ | 50,225 | $ | 5,907 | $ | 3,127 | $ | 23,094 | $ | 12,366 | $ | 1,596 | $ | 28,287 | $ | 205,026 | |||||||||||||||||||||
Loans and leases: | |||||||||||||||||||||||||||||||||||||||||||
Loans and leases individually evaluated for impairment | $ | 1,045 | $ | 76,361 | $ | 1,563 | $ | 12,600 | $ | 1,074 | $ | 142 | $ | 31,476 | $ | 7,613 | $ | 2,613 | $ | 1,912 | $ | 136,399 | |||||||||||||||||||||
Loans and leases collectively evaluated for impairment | 648,112 | 8,949,859 | 349,728 | 2,554,901 | 825,196 | 340,122 | 2,857,648 | 2,593,731 | 228,787 | 1,444,226 | 20,792,310 | ||||||||||||||||||||||||||||||||
Total loan and leases | $ | 649,157 | $ | 9,026,220 | $ | 351,291 | $ | 2,567,501 | $ | 826,270 | $ | 340,264 | $ | 2,889,124 | $ | 2,601,344 | $ | 231,400 | $ | 1,446,138 | $ | 20,928,709 |
December 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Construction and land development - commercial | Commercial mortgage | Other commercial real estate | Commercial and industrial | Lease financing | Other | Residential mortgage | Revolving mortgage | Construction and land development - non-commercial | Consumer | Total | ||||||||||||||||||||||||||||||||
Non-PCI Loans | |||||||||||||||||||||||||||||||||||||||||||
Allowance for loan and lease losses: | |||||||||||||||||||||||||||||||||||||||||||
ALLL for loans and leases individually evaluated for impairment | $ | 123 | $ | 3,370 | $ | 289 | $ | 1,118 | $ | 213 | $ | — | $ | 1,212 | $ | 299 | $ | 49 | $ | 527 | $ | 7,200 | |||||||||||||||||||||
ALLL for loans and leases collectively evaluated for impairment | 16,165 | 66,526 | 1,879 | 41,998 | 5,311 | 1,855 | 12,893 | 15,672 | 1,436 | 18,969 | 182,704 | ||||||||||||||||||||||||||||||||
Total allowance for loan and lease losses | $ | 16,288 | $ | 69,896 | $ | 2,168 | $ | 43,116 | $ | 5,524 | $ | 1,855 | $ | 14,105 | $ | 15,971 | $ | 1,485 | $ | 19,496 | $ | 189,904 | |||||||||||||||||||||
Loans and leases: | |||||||||||||||||||||||||||||||||||||||||||
Loans and leases individually evaluated for impairment | $ | 3,094 | $ | 95,107 | $ | 427 | $ | 17,910 | $ | 1,755 | $ | 1,183 | $ | 22,986 | $ | 5,883 | $ | 784 | $ | 1,238 | $ | 150,367 | |||||||||||||||||||||
Loans and leases collectively evaluated for impairment | 617,258 | 8,179,441 | 320,594 | 2,351,048 | 729,023 | 313,649 | 2,672,999 | 2,517,223 | 219,289 | 1,218,583 | 19,139,107 | ||||||||||||||||||||||||||||||||
Total loan and leases | $ | 620,352 | $ | 8,274,548 | $ | 321,021 | $ | 2,368,958 | $ | 730,778 | $ | 314,832 | $ | 2,695,985 | $ | 2,523,106 | $ | 220,073 | $ | 1,219,821 | $ | 19,289,474 |
Years ended December 31, 2016, 2015 and 2014 | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Construction and land development - commercial | Commercial mortgage | Other commercial real estate | Commercial and industrial | Residential mortgage | Revolving mortgage | Construction and land development - noncommercial | Consumer and other | Total | ||||||||||||||||||||||||||
PCI Loans | |||||||||||||||||||||||||||||||||||
Allowance for loan and lease losses: | |||||||||||||||||||||||||||||||||||
Balance at January 1, 2014 | $ | 1,320 | $ | 29,906 | $ | 1,354 | $ | 5,275 | $ | 11,802 | $ | 2,959 | $ | 682 | $ | 222 | $ | 53,520 | |||||||||||||||||
Provision (credits) | 1,284 | (7,903 | ) | (1,385 | ) | (2,023 | ) | (5,576 | ) | 1,523 | (395 | ) | (145 | ) | (14,620 | ) | |||||||||||||||||||
Charge-offs | (2,454 | ) | (11,868 | ) | 106 | (2,012 | ) | (406 | ) | (483 | ) | (104 | ) | (50 | ) | (17,271 | ) | ||||||||||||||||||
Recoveries | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Balance at December 31, 2014 | 150 | 10,135 | 75 | 1,240 | 5,820 | 3,999 | 183 | 27 | 21,629 | ||||||||||||||||||||||||||
Provision (credits) | 1,029 | (1,426 | ) | 698 | (470 | ) | 72 | (2,720 | ) | (183 | ) | 727 | (2,273 | ) | |||||||||||||||||||||
Charge-offs | (97 | ) | (871 | ) | — | (325 | ) | (494 | ) | (756 | ) | — | (501 | ) | (3,044 | ) | |||||||||||||||||||
Recoveries | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Balance at December 31, 2015 | 1,082 | 7,838 | 773 | 445 | 5,398 | 523 | — | 253 | 16,312 | ||||||||||||||||||||||||||
Provision (credits) | (599 | ) | (1,249 | ) | (266 | ) | 59 | (209 | ) | 433 | — | (98 | ) | (1,929 | ) | ||||||||||||||||||||
Charge-offs | — | (166 | ) | (5 | ) | — | (371 | ) | — | — | (72 | ) | (614 | ) | |||||||||||||||||||||
Recoveries | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Balance at December 31, 2016 | $ | 483 | $ | 6,423 | $ | 502 | $ | 504 | $ | 4,818 | $ | 956 | $ | — | $ | 83 | $ | 13,769 | |||||||||||||||||
December 31, 2016 | |||||||||||||||||||||||||||||||||||
ALLL for loans and leases acquired with deteriorated credit quality | $ | 483 | $ | 6,423 | $ | 502 | $ | 504 | $ | 4,818 | $ | 956 | $ | — | $ | 83 | $ | 13,769 | |||||||||||||||||
Loans and leases acquired with deteriorated credit quality | 20,766 | 453,013 | 12,645 | 11,844 | 268,777 | 38,650 | — | 3,474 | 809,169 | ||||||||||||||||||||||||||
December 31, 2015 | |||||||||||||||||||||||||||||||||||
ALLL for loans and leases acquired with deteriorated credit quality | 1,082 | 7,838 | 773 | 445 | 5,398 | 523 | — | 253 | 16,312 | ||||||||||||||||||||||||||
Loans and leases acquired with deteriorated credit quality | 33,880 | 525,468 | 17,076 | 15,182 | 302,158 | 52,471 | — | 4,281 | 950,516 |
December 31, 2016 | |||||||||||||||||||
(Dollars in thousands) | With a recorded allowance | With no recorded allowance | Total | Unpaid principal balance | Related allowance recorded | ||||||||||||||
Non-PCI impaired loans and leases | |||||||||||||||||||
Construction and land development - commercial | $ | 1,002 | $ | 43 | $ | 1,045 | $ | 1,172 | $ | 151 | |||||||||
Commercial mortgage | 42,875 | 33,486 | 76,361 | 82,658 | 3,488 | ||||||||||||||
Other commercial real estate | 1,279 | 284 | 1,563 | 1,880 | 152 | ||||||||||||||
Commercial and industrial | 8,920 | 3,680 | 12,600 | 16,637 | 1,732 | ||||||||||||||
Lease financing | 1,002 | 72 | 1,074 | 1,074 | 75 | ||||||||||||||
Other | 142 | — | 142 | 233 | 23 | ||||||||||||||
Residential mortgage | 20,269 | 11,207 | 31,476 | 32,588 | 2,447 | ||||||||||||||
Revolving mortgage | 1,825 | 5,788 | 7,613 | 8,831 | 366 | ||||||||||||||
Construction and land development - noncommercial | 645 | 1,968 | 2,613 | 3,030 | 109 | ||||||||||||||
Consumer | 1,532 | 380 | 1,912 | 2,086 | 667 | ||||||||||||||
Total non-PCI impaired loans and leases | $ | 79,491 | $ | 56,908 | $ | 136,399 | $ | 150,189 | $ | 9,210 | |||||||||
December 31, 2015 | |||||||||||||||||||
(Dollars in thousands) | With a recorded allowance | With no recorded allowance | Total | Unpaid principal balance | Related allowance recorded | ||||||||||||||
Non-PCI impaired loans and leases | |||||||||||||||||||
Construction and land development - commercial | $ | 1,623 | $ | 1,471 | $ | 3,094 | $ | 4,428 | $ | 123 | |||||||||
Commercial mortgage | 41,793 | 53,314 | 95,107 | 103,763 | 3,370 | ||||||||||||||
Other commercial real estate | 305 | 122 | 427 | 863 | 289 | ||||||||||||||
Commercial and industrial | 8,544 | 9,366 | 17,910 | 21,455 | 1,118 | ||||||||||||||
Lease financing | 1,651 | 104 | 1,755 | 1,956 | 213 | ||||||||||||||
Other | — | 1,183 | 1,183 | 1,260 | — | ||||||||||||||
Residential mortgage | 10,097 | 12,889 | 22,986 | 25,043 | 1,212 | ||||||||||||||
Revolving mortgage | 1,105 | 4,778 | 5,883 | 7,120 | 299 | ||||||||||||||
Construction and land development - noncommercial | 693 | 91 | 784 | 784 | 49 | ||||||||||||||
Consumer | 1,050 | 188 | 1,238 | 1,294 | 527 | ||||||||||||||
Total non-PCI impaired loans and leases | $ | 66,861 | $ | 83,506 | $ | 150,367 | $ | 167,966 | $ | 7,200 |
Year ended December 31, 2016 | |||||||
(Dollars in thousands) | YTD Average Balance | YTD Interest Income Recognized | |||||
Non-PCI impaired loans and leases: | |||||||
Construction and land development - commercial | $ | 2,700 | $ | 138 | |||
Commercial mortgage | 82,146 | 2,671 | |||||
Other commercial real estate | 1,112 | 38 | |||||
Commercial and industrial | 11,878 | 417 | |||||
Lease financing | 1,307 | 63 | |||||
Other | 687 | 33 | |||||
Residential mortgage | 26,774 | 805 | |||||
Revolving mortgage | 6,915 | 171 | |||||
Construction and land development - noncommercial | 983 | 50 | |||||
Consumer | 1,480 | 80 | |||||
Total non-PCI impaired loans and leases | $ | 135,982 | $ | 4,466 | |||
Year ended December 31, 2015 | |||||||
Non-PCI impaired loans and leases: | |||||||
Construction and land development - commercial | $ | 3,164 | $ | 146 | |||
Commercial mortgage | 89,934 | 3,129 | |||||
Other commercial real estate | 481 | 12 | |||||
Commercial and industrial | 14,587 | 510 | |||||
Lease financing | 1,718 | 74 | |||||
Other | 1,673 | 37 | |||||
Residential mortgage | 18,524 | 557 | |||||
Revolving mortgage | 4,368 | 97 | |||||
Construction and land development - noncommercial | 829 | 38 | |||||
Consumer | 1,126 | 75 | |||||
Total non-PCI impaired loans and leases | $ | 136,404 | $ | 4,675 | |||
Year ended December 31, 2014 | |||||||
Non-PCI impaired loans and leases: | |||||||
Construction and land development - commercial | $ | 1,689 | $ | 83 | |||
Commercial mortgage | 86,250 | 3,698 | |||||
Other commercial real estate | 2,125 | 80 | |||||
Commercial and industrial | 13,433 | 580 | |||||
Lease financing | 774 | 44 | |||||
Other | 528 | 29 | |||||
Residential mortgage | 15,487 | 593 | |||||
Revolving mortgage | 3,922 | 134 | |||||
Construction and land development - noncommercial | 1,678 | 98 | |||||
Consumer | 1,535 | 88 | |||||
Total non-PCI impaired loans and leases | $ | 127,421 | $ | 5,427 | |||
December 31, 2016 | December 31, 2015 | ||||||||||||||||||||||
(Dollars in thousands) | Accruing | Nonaccruing | Total | Accruing | Nonaccruing | Total | |||||||||||||||||
Commercial loans | |||||||||||||||||||||||
Construction and land development - commercial | $ | 3,292 | $ | 308 | $ | 3,600 | $ | 3,624 | $ | 257 | $ | 3,881 | |||||||||||
Commercial mortgage | 70,263 | 14,435 | 84,698 | 65,812 | 18,728 | 84,540 | |||||||||||||||||
Other commercial real estate | 1,635 | 80 | 1,715 | 1,751 | 89 | 1,840 | |||||||||||||||||
Commercial and industrial | 9,193 | 1,436 | 10,629 | 8,833 | 3,341 | 12,174 | |||||||||||||||||
Lease financing | 882 | 192 | 1,074 | 1,191 | 169 | 1,360 | |||||||||||||||||
Other | 64 | 78 | 142 | 1,183 | — | 1,183 | |||||||||||||||||
Total commercial loans | 85,329 | 16,529 | 101,858 | 82,394 | 22,584 | 104,978 | |||||||||||||||||
Noncommercial | |||||||||||||||||||||||
Residential mortgage | 34,012 | 5,117 | 39,129 | 25,427 | 7,129 | 32,556 | |||||||||||||||||
Revolving mortgage | 6,346 | 1,431 | 7,777 | 3,600 | 1,705 | 5,305 | |||||||||||||||||
Construction and land development - noncommercial | 240 | — | 240 | 784 | — | 784 | |||||||||||||||||
Consumer and other | 1,603 | 309 | 1,912 | 1,091 | 129 | 1,220 | |||||||||||||||||
Total noncommercial loans | 42,201 | 6,857 | 49,058 | 30,902 | 8,963 | 39,865 | |||||||||||||||||
Total loans | $ | 127,530 | $ | 23,386 | $ | 150,916 | $ | 113,296 | $ | 31,547 | $ | 144,843 |
Year ended December 31, 2016 | Year ended December 31, 2015 | ||||||||||||||||||
All restructurings | Restructurings with payment default | All restructurings | Restructurings with payment default | ||||||||||||||||
Number of Loans | Recorded investment at period end | Number of Loans | Recorded investment at period end | Number of Loans | Recorded investment at period end | Number of Loans | Recorded investment at period end | ||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Non-PCI loans and leases | |||||||||||||||||||
Interest only period provided | |||||||||||||||||||
Commercial mortgage | 2 | $ | 569 | 1 | $ | 326 | 3 | $ | 185 | — | $ | — | |||||||
Commercial and industrial | — | — | — | — | 2 | 776 | — | — | |||||||||||
Residential mortgage | 1 | 122 | 1 | 122 | — | — | — | — | |||||||||||
Construction and land development - noncommercial | — | — | — | — | 1 | 91 | — | — | |||||||||||
Total interest only | 3 | 691 | 2 | 448 | 6 | 1,052 | — | — | |||||||||||
Loan term extension | |||||||||||||||||||
Construction and land development - commercial | 1 | 40 | 1 | 40 | 1 | 18 | 1 | 18 | |||||||||||
Commercial mortgage | 7 | 2,428 | — | — | 12 | 3,144 | 2 | 316 | |||||||||||
Other commercial real estate | 1 | 747 | — | — | — | — | — | — | |||||||||||
Commercial and industrial | 8 | 1,070 | — | — | 5 | 1,380 | — | — | |||||||||||
Lease financing | — | — | — | — | 4 | 146 | — | — | |||||||||||
Residential mortgage | 15 | 2,183 | — | — | 1 | 110 | — | — | |||||||||||
Revolving mortgage | — | — | — | — | 1 | 8 | — | — | |||||||||||
Construction and land development - noncommercial | 2 | 421 | — | — | — | — | — | — | |||||||||||
Consumer | 3 | 30 | — | — | 3 | 52 | — | ||||||||||||
Total loan term extension | 37 | 6,919 | 1 | 40 | 27 | 4,858 | 3 | 334 | |||||||||||
Below market interest rate | |||||||||||||||||||
Construction and land development - commercial | 6 | 231 | 1 | — | 21 | 992 | 3 | 122 | |||||||||||
Commercial mortgage | 45 | 12,030 | 16 | 1,986 | 37 | 13,900 | 3 | 3,969 | |||||||||||
Commercial and industrial | 34 | 3,056 | 11 | 1,144 | 15 | 2,301 | 2 | 1,619 | |||||||||||
Other commercial real estate | 3 | 619 | — | — | 2 | 122 | — | — | |||||||||||
Lease financing | 4 | 152 | 4 | 152 | — | — | — | — | |||||||||||
Residential mortgage | 185 | 11,087 | 48 | 2,583 | 116 | 5,695 | 14 | 607 | |||||||||||
Revolving mortgage | 5 | 106 | — | — | 6 | 136 | — | — | |||||||||||
Construction & land development - noncommercial | 15 | 676 | 4 | 96 | 2 | 253 | — | — | |||||||||||
Consumer | 10 | 222 | 2 | 15 | 18 | 146 | 2 | 10 | |||||||||||
Other | 2 | 120 | 1 | 78 | 1 | 1,183 | — | — | |||||||||||
Total below market interest rate | 309 | 28,299 | 87 | 6,054 | 218 | 24,728 | 24 | 6,327 | |||||||||||
Discharged from bankruptcy | |||||||||||||||||||
Construction and land development - commercial | 1 | 22 | 1 | 22 | 4 | 38 | 1 | 3 | |||||||||||
Commercial mortgage | 4 | 347 | 2 | 73 | 4 | 1,897 | 2 | 644 | |||||||||||
Commercial and industrial | 6 | 83 | — | — | 3 | 146 | — | — | |||||||||||
Lease financing | 1 | 84 | — | — | — | — | — | — | |||||||||||
Residential mortgage | 22 | 773 | 14 | 326 | 29 | 1,454 | 4 | 242 | |||||||||||
Revolving mortgage | 51 | 3,043 | 13 | 345 | 56 | 2,714 | 9 | 701 | |||||||||||
Consumer | 69 | 770 | 23 | 250 | 25 | 296 | 7 | 75 | |||||||||||
Total discharged from bankruptcy | 154 | 5,122 | 53 | 1,016 | 121 | 6,545 | 23 | 1,665 | |||||||||||
Total non-PCI restructurings | 503 | $ | 41,031 | 143 | $ | 7,558 | 372 | $ | 37,183 | 50 | $ | 8,326 |
Year ended December 31, 2016 | Year ended December 31, 2015 | ||||||||||||||||||
All restructurings | Restructurings with payment default | All restructurings | Restructurings with payment default | ||||||||||||||||
Number of Loans | Recorded investment at period end | Number of Loans | Recorded investment at period end | Number of Loans | Recorded investment at period end | Number of Loans | Recorded investment at period end | ||||||||||||
(Dollars in thousands) | |||||||||||||||||||
PCI loans | |||||||||||||||||||
Loan term extension | |||||||||||||||||||
Residential mortgage | — | $ | — | — | $ | — | 1 | $ | 178 | — | $ | — | |||||||
Total loan term extension | — | — | — | — | 1 | 178 | — | — | |||||||||||
Below market interest rate | |||||||||||||||||||
Construction and land development - commercial | 1 | 52 | — | — | — | — | — | — | |||||||||||
Commercial mortgage | 4 | 3,255 | — | — | — | — | — | — | |||||||||||
Residential mortgage | 3 | 172 | — | — | 14 | 1,187 | 2 | 96 | |||||||||||
Total below market interest rate | 8 | 3,479 | — | — | 14 | 1,187 | 2 | 96 | |||||||||||
Discharged from bankruptcy | |||||||||||||||||||
Commercial mortgage | 2 | 2,965 | 1 | 3 | — | — | — | — | |||||||||||
Residential mortgage | — | — | — | — | 2 | 282 | — | — | |||||||||||
Revolving mortgage | — | — | — | — | 1 | 105 | — | — | |||||||||||
Total discharged from bankruptcy | 2 | 2,965 | 1 | 3 | 3 | 387 | — | — | |||||||||||
Total PCI restructurings | 10 | $ | 6,444 | 1 | $ | 3 | 18 | $ | 1,752 | 2 | $ | 96 |
(Dollars in thousands) | 2016 | 2015 | |||||
Land | $ | 285,612 | $ | 279,932 | |||
Premises and leasehold improvements | 1,130,650 | 1,089,644 | |||||
Furniture and equipment | 443,560 | 441,378 | |||||
Total | 1,859,822 | 1,810,954 | |||||
Less accumulated depreciation and amortization | 726,778 | 675,125 | |||||
Total premises and equipment | $ | 1,133,044 | $ | 1,135,829 |
(Dollars in thousands) | Year ended December 31 | ||
2017 | $ | 26,068 | |
2018 | 22,000 | ||
2019 | 13,295 | ||
2020 | 7,081 | ||
2021 | 6,114 | ||
Thereafter | 43,133 | ||
Total minimum payments | $ | 117,691 |
(Dollars in thousands) | Covered | Noncovered | Total | ||||||||
Balance at January 1, 2015 | $ | 22,982 | $ | 70,454 | $ | 93,436 | |||||
Additions | 7,357 | 47,866 | 55,223 | ||||||||
Sales | (19,629 | ) | (56,853 | ) | (76,482 | ) | |||||
Write-downs | (1,478 | ) | (5,140 | ) | (6,618 | ) | |||||
Transfers (1) | (2,415 | ) | 2,415 | — | |||||||
Balance at December 31, 2015 | 6,817 | 58,742 | 65,559 | ||||||||
Additions | 4,888 | 30,384 | 35,272 | ||||||||
Additions acquired in the Cordia acquisition | — | 1,170 | 1,170 | ||||||||
Additions acquired in the FCSB acquisition | — | 375 | 375 | ||||||||
Sales | (937 | ) | (33,241 | ) | (34,178 | ) | |||||
Write-downs | (580 | ) | (6,387 | ) | (6,967 | ) | |||||
Transfers (1) | (9,716 | ) | 9,716 | — | |||||||
Balance at December 31, 2016 | $ | 472 | $ | 60,759 | $ | 61,231 |
Year ended December 31 | |||||||||||
(Dollars in thousands) | 2016 | 2015 | 2014 | ||||||||
Balance at January 1 | $ | 4,054 | $ | 28,701 | $ | 93,397 | |||||
Additional receivable from Bancorporation merger | — | — | 5,106 | ||||||||
Amortization | (4,734 | ) | (10,899 | ) | (43,422 | ) | |||||
Net cash payments to the FDIC | 21,059 | 33,296 | 1,286 | ||||||||
Post-acquisition adjustments | (14,745 | ) | (47,044 | ) | (27,666 | ) | |||||
Termination of FDIC shared-loss agreements | (1,462 | ) | — | — | |||||||
Balance at December 31 | $ | 4,172 | $ | 4,054 | $ | 28,701 |
(Dollars in thousands) | 2016 | 2015 | |||||
Demand | $ | 10,130,549 | $ | 9,274,470 | |||
Checking with interest | 4,919,727 | 4,445,353 | |||||
Money market accounts | 8,193,392 | 8,205,705 | |||||
Savings | 2,099,579 | 1,909,021 | |||||
Time | 2,818,096 | 3,096,206 | |||||
Total deposits | $ | 28,161,343 | $ | 26,930,755 |
(Dollars in thousands) | Year ended December 31 | ||
2017 | $ | 1,984,571 | |
2018 | 435,823 | ||
2019 | 175,359 | ||
2020 | 154,294 | ||
2021 | 68,046 | ||
Thereafter | 3 | ||
Total time deposits | $ | 2,818,096 |
(Dollars in thousands) | 2016 | 2015 | |||||
Repurchase agreements | $ | 590,772 | $ | 592,182 | |||
Notes payable to Federal Home Loan Banks | 10,000 | — | |||||
Federal funds purchased | 2,551 | 2,551 | |||||
Unamortized purchase accounting adjustments | 164 | — | |||||
Total short-term borrowings | $ | 603,487 | $ | 594,733 |
December 31, 2016 | |||||||||||||||||||
Remaining Contractual Maturity of the Agreements | |||||||||||||||||||
(Dollars in thousands) | Overnight and continuous | Up to 30 Days | 30-90 Days | Greater than 90 Days | Total | ||||||||||||||
Repurchase agreements | |||||||||||||||||||
U.S. Treasury | $ | 590,772 | $ | — | $ | — | $ | 30,000 | $ | 620,772 | |||||||||
Government agency | — | — | — | — | — | ||||||||||||||
Total borrowings | $ | 590,772 | $ | — | $ | — | $ | 30,000 | $ | 620,772 | |||||||||
Gross amount of recognized liabilities for repurchase agreements | $ | 620,772 | |||||||||||||||||
December 31, 2015 | |||||||||||||||||||
Remaining Contractual Maturity of the Agreements | |||||||||||||||||||
Overnight and continuous | Up to 30 Days | 30-90 Days | Greater than 90 Days | Total | |||||||||||||||
Repurchase agreements | |||||||||||||||||||
U.S. Treasury | $ | 592,182 | $ | — | $ | — | $ | 25,724 | $ | 617,906 | |||||||||
Government agency | — | — | — | 4,276 | 4,276 | ||||||||||||||
Total borrowings | $ | 592,182 | $ | — | $ | — | $ | 30,000 | $ | 622,182 | |||||||||
Gross amount of recognized liabilities for repurchase agreements | $ | 622,182 |
(Dollars in thousands) | 2016 | 2015 | |||||
Junior subordinated debenture at 3-month LIBOR plus 1.75 percent maturing June 30, 2036 | $ | 90,207 | $ | 96,392 | |||
Junior subordinated debenture at 3-month LIBOR plus 2.25 percent maturing June 15, 2034 | 24,742 | 25,774 | |||||
Junior subordinated debenture at 3-month LIBOR plus 2.85 percent maturing April 7, 2034 | 10,310 | 10,310 | |||||
Subordinated notes payable 8.00 percent June 1, 2018 | 15,000 | 15,000 | |||||
Obligations under capitalized leases extending to July 2026 | 5,701 | 9,226 | |||||
Notes payable to Federal Home Loan Bank of Atlanta with rates ranging from 2.00 percent to 3.58 percent and maturing through August 2024 | 660,237 | 510,252 | |||||
Note payable to the Federal Home Loan Bank of Des Moines with a rate of 4.74 percent and a maturity date of July 2017 | — | 10,000 | |||||
Unamortized purchase accounting adjustments | (3,350 | ) | (2,907 | ) | |||
Other long-term debt | 30,095 | 30,108 | |||||
Total long-term obligations | $ | 832,942 | $ | 704,155 |
Year ended December 31 | |||
2017 | $ | 3,232 | |
2018 | 135,652 | ||
2019 | 241 | ||
2020 | 255 | ||
2021 | 70,271 | ||
Thereafter | 623,291 | ||
Total long-term obligations | $ | 832,942 |
• | Level 1 values are based on quoted prices for identical instruments in active markets. |
• | Level 2 values are based on quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market. |
• | Level 3 values are generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates that market participants would use in pricing the asset or liability. Valuation techniques include the use of discounted cash flow models and similar techniques. |
December 31, 2016 | December 31, 2015 | ||||||||||||||
(Dollars in thousands) | Carrying value | Fair value | Carrying value | Fair value | |||||||||||
Cash and due from banks | $ | 539,741 | $ | 539,741 | $ | 534,086 | $ | 534,086 | |||||||
Overnight investments | 1,872,594 | 1,872,594 | 2,063,132 | 2,063,132 | |||||||||||
Investment securities available for sale | 7,006,580 | 7,006,580 | 6,861,293 | 6,861,293 | |||||||||||
Investment securities held to maturity | 98 | 104 | 255 | 265 | |||||||||||
Loans held for sale | 74,401 | 74,401 | 59,766 | 59,766 | |||||||||||
Net loans and leases | 21,519,083 | 20,614,548 | 20,033,774 | 19,353,325 | |||||||||||
Receivable from the FDIC for shared-loss agreements | 4,172 | 4,172 | 4,054 | 4,054 | |||||||||||
Income earned not collected | 79,839 | 79,839 | 70,036 | 70,036 | |||||||||||
Federal Home Loan Bank stock | 43,495 | 43,495 | 37,511 | 37,511 | |||||||||||
Mortgage servicing rights | 20,415 | 24,446 | 19,351 | 19,495 | |||||||||||
Deposits | 28,161,343 | 28,135,698 | 26,930,755 | 26,164,472 | |||||||||||
Short-term borrowings | 603,487 | 603,487 | 594,733 | 594,733 | |||||||||||
Long-term obligations | 832,942 | 832,201 | 704,155 | 718,102 | |||||||||||
FDIC shared-loss payable | 97,008 | 100,069 | 126,453 | 131,894 | |||||||||||
Accrued interest payable | 3,797 | 3,797 | 5,713 | 5,713 | |||||||||||
Interest rate swap (1) | — | — | 1,429 | 1,429 |
December 31, 2016 | |||||||||||||||
Fair value measurements using: | |||||||||||||||
(Dollars in thousands) | Fair value | Level 1 | Level 2 | Level 3 | |||||||||||
Assets measured at fair value | |||||||||||||||
Investment securities available for sale | |||||||||||||||
U.S. Treasury | $ | 1,650,319 | $ | — | $ | 1,650,319 | $ | — | |||||||
Government agency | 40,398 | — | 40,398 | — | |||||||||||
Mortgage-backed securities | 5,175,425 | — | 5,175,425 | — | |||||||||||
Equity securities | 83,507 | 29,145 | 54,362 | — | |||||||||||
Corporate bonds | 49,562 | — | 49,562 | — | |||||||||||
Other | 7,369 | — | 7,369 | — | |||||||||||
Total investment securities available for sale | $ | 7,006,580 | $ | 29,145 | $ | 6,977,435 | $ | — | |||||||
Loans held for sale | $ | 74,401 | $ | — | $ | 74,401 | $ | — | |||||||
December 31, 2015 | |||||||||||||||
Fair value measurements using: | |||||||||||||||
Fair value | Level 1 | Level 2 | Level 3 | ||||||||||||
Assets measured at fair value | |||||||||||||||
Investment securities available for sale | |||||||||||||||
U.S. Treasury | $ | 1,674,882 | $ | — | $ | 1,674,882 | $ | — | |||||||
Government agency | 498,660 | — | 498,660 | — | |||||||||||
Mortgage-backed securities | 4,668,198 | — | 4,668,198 | — | |||||||||||
Equity securities | 8,893 | 1,668 | 7,225 | — | |||||||||||
Corporate bonds | 8,500 | — | 8,500 | — | |||||||||||
Other | 2,160 | — | 2,160 | — | |||||||||||
Total investment securities available for sale | $ | 6,861,293 | $ | 1,668 | $ | 6,859,625 | $ | — | |||||||
Loans held for sale | $ | 59,766 | $ | — | $ | 59,766 | $ | — | |||||||
Liabilities measured at fair value | |||||||||||||||
Interest rate swaps accounted for as cash flow hedges | $ | 1,429 | $ | — | $ | 1,429 | $ | — |
December 31, 2016 | |||||||||||
(Dollars in thousands) | Fair Value | Aggregate Unpaid Principal Balance | Difference | ||||||||
Loans held for sale | $ | 74,401 | $ | 75,893 | $ | (1,492 | ) | ||||
December 31, 2015 | |||||||||||
Fair Value | Aggregate Unpaid Principal Balance | Difference | |||||||||
Loans held for sale | $ | 59,766 | $ | 58,890 | $ | 876 |
Year ended December 31 | |||||||
(Dollars in thousands) | 2016 | 2015 | |||||
(Losses) gains from fair value changes on loans held for sale | $ | (2,368 | ) | $ | 176 |
December 31, 2016 | |||||||||||||||
Fair value measurements using: | |||||||||||||||
(Dollars in thousands) | Fair value | Level 1 | Level 2 | Level 3 | |||||||||||
Impaired loans | $ | 70,977 | $ | — | $ | — | $ | 70,977 | |||||||
Other real estate not covered under shared-loss agreements remeasured during current year | 44,963 | — | — | 44,963 | |||||||||||
Other real estate covered under shared-loss agreements remeasured during current year | 439 | — | — | 439 | |||||||||||
Mortgage servicing rights | 342 | — | — | 342 | |||||||||||
December 31, 2015 | |||||||||||||||
Fair value measurements using: | |||||||||||||||
Fair value | Level 1 | Level 2 | Level 3 | ||||||||||||
Impaired loans | $ | 64,197 | $ | — | $ | — | $ | 64,197 | |||||||
Other real estate not covered under shared-loss agreements remeasured during current year | 44,571 | — | — | 44,571 | |||||||||||
Other real estate covered under shared-loss agreements remeasured during current year | 4,403 | — | — | 4,403 | |||||||||||
Mortgage servicing rights | 17,997 | — | — | 17,997 |
(Dollars in thousands) | 2016 | 2015 | |||||
Change in benefit obligation | |||||||
Projected benefit obligation at January 1 | $ | 611,502 | $ | 627,645 | |||
Service cost | 12,618 | 14,083 | |||||
Interest cost | 28,892 | 26,975 | |||||
Actuarial loss (gain) | 40,571 | (39,002 | ) | ||||
Benefits paid | (20,356 | ) | (18,199 | ) | |||
Projected benefit obligation at December 31 | 673,227 | 611,502 | |||||
Change in plan assets | |||||||
Fair value of plan assets at January 1 | 550,025 | 544,956 | |||||
Actual return on plan assets | 20,947 | (6,732 | ) | ||||
Employer contributions | 50,000 | 30,000 | |||||
Benefits paid | (20,356 | ) | (18,199 | ) | |||
Fair value of plan assets at December 31 | 600,616 | 550,025 | |||||
Funded status at December 31 | $ | (72,611 | ) | $ | (61,477 | ) |
(Dollars in thousands) | 2016 | 2015 | |||||
Other assets | $ | — | $ | — | |||
Other liabilities | (72,611 | ) | (61,477 | ) | |||
Net liability recognized | $ | (72,611 | ) | $ | (61,477 | ) |
(Dollars in thousands) | 2016 | 2015 | |||||
Net loss | $ | 119,766 | $ | 70,358 | |||
Less prior service cost | 347 | 556 | |||||
Accumulated other comprehensive loss, excluding income taxes | $ | 120,113 | $ | 70,914 |
(Dollars in thousands) | |||
Actuarial loss | $ | 8,938 | |
Prior service cost | 210 | ||
Total | $ | 9,148 |
Year ended December 31 | |||||||||||
(Dollars in thousands) | 2016 | 2015 | 2014 | ||||||||
Service cost | $ | 12,618 | $ | 14,083 | $ | 12,332 | |||||
Interest cost | 28,892 | 26,975 | 25,615 | ||||||||
Expected return on assets | (36,643 | ) | (33,198 | ) | (31,269 | ) | |||||
Amortization of prior service cost | 210 | 210 | 210 | ||||||||
Amortization of net actuarial loss | 6,859 | 11,376 | 5,148 | ||||||||
Total net periodic benefit cost | 11,936 | 19,446 | 12,036 | ||||||||
Current year actuarial loss | 56,268 | 927 | 69,349 | ||||||||
Amortization of actuarial loss | (6,859 | ) | (11,376 | ) | (5,148 | ) | |||||
Amortization of prior service cost | (210 | ) | (210 | ) | (210 | ) | |||||
Total recognized in other comprehensive income | 49,199 | (10,659 | ) | 63,991 | |||||||
Total recognized in net periodic benefit cost and other comprehensive income | $ | 61,135 | $ | 8,787 | $ | 76,027 |
(Dollars in thousands) | 2016 | 2015 | |||
Discount rate | 4.30 | % | 4.68 | % | |
Rate of compensation increase | 4.00 | 4.00 |
(Dollars in thousands) | 2016 | 2015 | 2014 | |||||
Discount rate | 4.68 | % | 4.27 | % | 4.90 | % | ||
Rate of compensation increase | 4.00 | 4.00 | 4.00 | |||||
Expected long-term return on plan assets | 7.50 | 7.50 | 7.50 |
(Dollars in thousands) | 2016 | 2015 | |||||
Change in benefit obligation | |||||||
Projected benefit obligation at January 1 | $ | 143,241 | $ | 151,332 | |||
Service cost | 2,567 | 3,341 | |||||
Interest cost | 6,775 | 6,393 | |||||
Actuarial loss (gain) | 9,682 | (10,937 | ) | ||||
Benefits paid | (5,434 | ) | (4,812 | ) | |||
Curtailments | — | (2,076 | ) | ||||
Projected benefit obligation at December 31 | 156,831 | 143,241 | |||||
Change in plan assets | |||||||
Fair value of plan assets at January 1 | 150,893 | 155,618 | |||||
Actual return on plan assets | 6,625 | 87 | |||||
Benefits paid | (5,434 | ) | (4,812 | ) | |||
Fair value of plan assets at December 31 | 152,084 | 150,893 | |||||
Funded status at December 31 | $ | (4,747 | ) | $ | 7,652 |
(Dollars in thousands) | 2016 | 2015 | |||||
Other assets | $ | — | $ | — | |||
Other liabilities | (4,747 | ) | 7,652 | ||||
Net asset (liability) recognized | $ | (4,747 | ) | $ | 7,652 |
(Dollars in thousands) | 2016 | 2015 | |||||
Net loss | $ | 21,661 | $ | 7,505 | |||
Less prior service cost | — | — | |||||
Accumulated other comprehensive loss, excluding income taxes | $ | 21,661 | $ | 7,505 |
(Dollars in thousands) | |||
Actuarial loss | $ | 855 | |
Prior service cost | — | ||
Total | $ | 855 |
Year ended December 31 | |||||||||||
(Dollars in thousands) | 2016 | 2015 | 2014 | ||||||||
Service cost | $ | 2,567 | $ | 3,341 | $ | 832 | |||||
Interest cost | 6,775 | 6,393 | 1,488 | ||||||||
Expected return on assets | (11,101 | ) | (11,482 | ) | (2,807 | ) | |||||
Total net periodic benefit cost | (1,759 | ) | (1,748 | ) | (487 | ) | |||||
Current year actuarial loss | 14,157 | 458 | 9,123 | ||||||||
Curtailments | — | (2,076 | ) | — | |||||||
Total recognized in other comprehensive income | 14,157 | (1,618 | ) | 9,123 | |||||||
Total recognized in net periodic benefit cost and other comprehensive income | $ | 12,398 | $ | (3,366 | ) | $ | 8,636 |
(Dollars in thousands) | 2016 | 2015 | |||
Discount rate | 4.30 | % | 4.68 | % | |
Rate of compensation increase | 4.00 | 4.00 |
(Dollars in thousands) | 2016 | 2015 | 2014 | |||||
Discount rate | 4.68 | % | 4.27 | % | 4.35 | % | ||
Rate of compensation increase | 4.00 | 4.00 | 4.00 | |||||
Expected long-term return on plan assets | 7.50 | 7.50 | 7.50 |
December 31, 2016 | ||||||||||||||||||||
(Dollars in thousands) | Market Value | Quoted prices in Active Markets for Identical Assets (Level 1) | Significant Observable Inputs (Level 2) | Significant Nonobservable Inputs (Level 3) | Target Allocation | Actual % of Plan Assets | ||||||||||||||
Cash and equivalents | $ | 60,674 | $ | 60,674 | — | — | 0 - 1% | 10 | % | |||||||||||
Equity securities | 30 - 70% | 54 | % | |||||||||||||||||
Common and preferred stock | 66,015 | 65,964 | 51 | — | ||||||||||||||||
Mutual funds | 256,976 | 252,710 | 4,266 | — | ||||||||||||||||
Fixed income | 15 - 45% | 28 | % | |||||||||||||||||
U.S. government and government agency securities | 57,890 | 47,647 | 10,243 | — | ||||||||||||||||
Corporate bonds | 68,198 | — | 68,198 | — | ||||||||||||||||
Mutual funds | 42,849 | 42,849 | — | — | ||||||||||||||||
Alternative investments | 0 - 30% | 8 | % | |||||||||||||||||
Mutual funds | 48,014 | 48,014 | — | — | ||||||||||||||||
Total pension assets | $ | 600,616 | $ | 517,858 | $ | 82,758 | $ | — | 100 | % | ||||||||||
December 31, 2015 | ||||||||||||||||||||
Market Value | Quoted prices in Active Markets for Identical Assets (Level 1) | Significant Observable Inputs (Level 2) | Significant Nonobservable Inputs (Level 3) | Target Allocation | Actual % of Plan Assets | |||||||||||||||
Cash and equivalents | $ | 26,613 | $ | 26,613 | $ | — | $ | — | 0 - 1% | 5 | % | |||||||||
Equity securities | 55 - 65% | 63 | % | |||||||||||||||||
Common and preferred stock | 267,037 | 267,037 | — | — | ||||||||||||||||
Mutual funds | 78,645 | 78,645 | — | — | ||||||||||||||||
Fixed income | 25 - 40% | 26 | % | |||||||||||||||||
U.S. government and government agency securities | 58,526 | 48,957 | 9,569 | — | ||||||||||||||||
Corporate bonds | 70,809 | — | 70,809 | — | ||||||||||||||||
Mutual funds | 17,351 | 17,351 | — | — | ||||||||||||||||
Alternative investments | 0 - 10% | 6 | % | |||||||||||||||||
Mutual funds | 31,044 | 31,044 | — | — | ||||||||||||||||
Total pension assets | $ | 550,025 | $ | 469,647 | $ | 80,378 | $ | — | 100 | % |
December 31, 2016 | ||||||||||||||||||||
(Dollars in thousands) | Market Value | Quoted prices in Active Markets for Identical Assets (Level 1) | Significant Observable Inputs (Level 2) | Significant Nonobservable Inputs (Level 3) | Target Allocation | Actual % of Plan Assets | ||||||||||||||
Cash and equivalents | $ | 3,839 | $ | 3,839 | $ | — | $ | — | 0 - 1% | 2 | % | |||||||||
Equity securities | 30 - 70% | 58 | % | |||||||||||||||||
Common and preferred stock | 18,274 | 18,260 | 14 | — | ||||||||||||||||
Mutual funds | 69,978 | 68,832 | 1,146 | — | ||||||||||||||||
Fixed income | 15 - 45% | 31 | % | |||||||||||||||||
U.S. government and government agency securities | 15,407 | 8,919 | 6,488 | — | ||||||||||||||||
Corporate bonds | 19,496 | — | 19,496 | — | ||||||||||||||||
Mutual funds | 11,822 | 11,822 | — | — | ||||||||||||||||
Alternative investments | 0 - 30% | 9 | % | |||||||||||||||||
Mutual funds | 13,268 | 13,268 | — | — | ||||||||||||||||
Total pension assets | $ | 152,084 | $ | 124,940 | $ | 27,144 | — | |||||||||||||
December 31, 2015 | ||||||||||||||||||||
Market Value | Quoted prices in Active Markets for Identical Assets (Level 1) | Significant Observable Inputs (Level 2) | Significant Nonobservable Inputs (Level 3) | Target Allocation (1) | Actual % of Plan Assets | |||||||||||||||
Cash and equivalents | $ | 13,437 | $ | 13,437 | $ | — | $ | — | 9 | % | ||||||||||
Equity securities | 63 | % | ||||||||||||||||||
Common and preferred stock | 80,676 | 80,676 | — | — | ||||||||||||||||
Mutual funds | 15,005 | 15,005 | — | — | ||||||||||||||||
Fixed income | 22 | % | ||||||||||||||||||
U.S. government and government agency securities | 20,476 | 3,986 | 16,490 | — | ||||||||||||||||
Corporate bonds | 8,011 | — | 8,011 | — | ||||||||||||||||
Mutual funds | 4,198 | 4,198 | — | — | ||||||||||||||||
Alternative investments | 6 | % | ||||||||||||||||||
Mutual funds | 9,090 | 9,090 | — | — | ||||||||||||||||
Total pension assets | $ | 150,893 | $ | 126,392 | $ | 24,501 | — |
(Dollars in thousands) | BancShares Plan | Bancorporation Plan | |||||
2017 | $ | 23,932 | $ | 6,227 | |||
2018 | 25,377 | 6,618 | |||||
2019 | 26,868 | 6,903 | |||||
2020 | 28,499 | 7,287 | |||||
2021 | 30,193 | 7,821 | |||||
2022-2025 | 176,048 | 45,713 |
(Dollars in thousands) | 2016 | 2015 | |||||
Present value of accrued liability as of January 1 | $ | 39,878 | $ | 43,211 | |||
Benefit expense and interest cost | 3,232 | 1,386 | |||||
Benefits paid | (4,194 | ) | (4,485 | ) | |||
Benefits forfeited | (319 | ) | (234 | ) | |||
Present value of accrued liability as of December 31 | $ | 38,597 | $ | 39,878 | |||
Discount rate at December 31 | 4.30 | % | 4.68 | % |
(Dollars in thousands) | 2016 | 2015 | 2014 | ||||||||
Collection | $ | 8,889 | $ | 9,649 | $ | 11,595 | |||||
Processing fees paid to third parties | 18,976 | 18,779 | 17,089 | ||||||||
Cardholder reward programs | 10,615 | 11,069 | 8,252 | ||||||||
Telecommunications | 14,496 | 14,406 | 10,834 | ||||||||
Consultant | 10,931 | 8,925 | 10,168 | ||||||||
Core deposit intangible amortization | 16,851 | 18,892 | 6,955 | ||||||||
Advertising | 10,239 | 12,431 | 11,461 | ||||||||
Other | 109,050 | 95,741 | 76,481 | ||||||||
Total other noninterest expense | $ | 200,047 | $ | 189,892 | $ | 152,835 |
(Dollars in thousands) | 2016 | 2015 | 2014 | ||||||||
Current tax expense | |||||||||||
Federal | $ | 84,946 | $ | 105,367 | $ | 84,430 | |||||
State | 7,493 | 16,111 | 13,941 | ||||||||
Total current tax expense | 92,439 | 121,478 | 98,371 | ||||||||
Deferred tax expense (benefit) | |||||||||||
Federal | 23,144 | (2,758 | ) | (30,658 | ) | ||||||
State | 10,002 | 3,308 | (2,681 | ) | |||||||
Total deferred tax (benefit) expense | 33,146 | 550 | (33,339 | ) | |||||||
Total income tax expense | $ | 125,585 | $ | 122,028 | $ | 65,032 |
(Dollars in thousands) | 2016 | 2015 | 2014 | ||||||||
Income taxes at federal statutory rates | $ | 122,874 | $ | 116,345 | $ | 71,258 | |||||
Increase (reduction) in income taxes resulting from: | |||||||||||
Nontaxable income on loans, leases and investments, net of nondeductible expenses | (2,901 | ) | (3,020 | ) | (1,832 | ) | |||||
State and local income taxes, including change in valuation allowance, net of federal income tax benefit | 11,372 | 12,622 | 7,319 | ||||||||
Acquisition stock settlement | (98 | ) | — | (10,185 | ) | ||||||
Tax credits net of amortization | (4,138 | ) | (3,060 | ) | (2,896 | ) | |||||
Other, net | (1,524 | ) | (859 | ) | 1,368 | ||||||
Total income tax expense | $ | 125,585 | $ | 122,028 | $ | 65,032 |
(Dollars in thousands) | 2016 | 2015 | |||||
Allowance for loan and lease losses | $ | 80,939 | $ | 78,878 | |||
Pension liability | 15,679 | 7,206 | |||||
Executive separation from service agreements | 14,278 | 9,856 | |||||
State net operating loss carryforward | — | 21 | |||||
Federal net operating loss carryforward from Cordia acquisition | 5,019 | — | |||||
Unrealized loss on cash flow hedge | — | 537 | |||||
Net unrealized loss on securities included in accumulated other comprehensive loss | 26,832 | 9,379 | |||||
Accelerated depreciation | 133 | 13,195 | |||||
FDIC assisted transactions timing differences | 52,579 | 66,456 | |||||
Other reserves | 10,504 | 10,772 | |||||
Other | 26,663 | 29,279 | |||||
Deferred tax asset | 232,626 | 225,579 | |||||
Lease financing activities | 11,651 | 15,492 | |||||
Net deferred loan fees and costs | 10,867 | 6,051 | |||||
Intangible assets | 6,335 | 2,040 | |||||
Security, loan and debt valuations | 22,656 | 31,486 | |||||
Other | 8,501 | 12,026 | |||||
Deferred tax liability | 60,010 | 67,095 | |||||
Net deferred tax asset | $ | 172,616 | $ | 158,484 |
(Dollars in thousands) | 2016 | 2015 | 2014 | ||||||||
Unrecognized tax benefits at the beginning of the year | $ | 5,975 | $ | 3,865 | $ | 2,823 | |||||
Reductions related to tax positions taken in prior year | (327 | ) | (79 | ) | — | ||||||
Additions related to tax positions taken in current year | 23,231 | 2,189 | 1,042 | ||||||||
Settlements | — | — | — | ||||||||
Unrecognized tax benefits at the end of the year | $ | 28,879 | $ | 5,975 | $ | 3,865 |
Year ended December 31 | |||||||
(dollars in thousands) | 2016 | 2015 | |||||
Balance at January 1 | $ | 79 | $ | 1,045 | |||
New loans | 314 | 5 | |||||
Repayments | (40 | ) | (971 | ) | |||
Balance at December 31 | $ | 353 | $ | 79 |
(Dollars in thousands) | 2016 | 2015 | |||||
Balance at January 1 | $ | 139,773 | $ | 139,773 | |||
Acquired in the Cordia merger | 10,828 | — | |||||
Balance at December 31 | $ | 150,601 | $ | 139,773 |
(Dollars in thousands) | 2016 | 2015 | 2014 | ||||||||
Balance at January 1 | $ | 19,351 | $ | 16,688 | $ | 16 | |||||
Servicing rights originated | 5,931 | 5,910 | 727 | ||||||||
Amortization | (4,958 | ) | (4,002 | ) | (919 | ) | |||||
Servicing rights acquired in the 1st Financial acquisition | — | — | 148 | ||||||||
Servicing rights acquired in the Bancorporation merger | — | — | 17,566 | ||||||||
Valuation allowance reversal (provision) | 91 | 755 | (850 | ) | |||||||
Balance at December 31 | $ | 20,415 | $ | 19,351 | $ | 16,688 |
(Dollars in thousands) | 2016 | 2015 | 2014 | ||||||||
Balance at January 1 | $ | 95 | $ | 850 | $ | — | |||||
Valuation allowance (reversal) provision | (91 | ) | (755 | ) | 850 | ||||||
Balance at December 31 | $ | 4 | $ | 95 | $ | 850 |
2016 | 2015 | ||||||
Discount rate - conventional fixed loans | 9.45 | % | 9.31 | % | |||
Discount rate - all loans excluding conventional fixed loans | 10.45 | % | 10.31 | % | |||
Weighted average constant prepayment rate | 10.42 | % | 11.01 | % | |||
Weighted average cost to service a loan | $ | 62.75 | $ | 56.61 |
(Dollars in thousands) | 2016 | 2015 | |||||
Balance at January 1 | $ | 71,635 | $ | 89,922 | |||
Acquired in the CCBT acquisition | — | 690 | |||||
Acquired in the NMSB acquisition | 240 | — | |||||
Acquired in the FCSB acquisition | 390 | — | |||||
Acquired in the Cordia acquisition | 2,210 | — | |||||
Removal due to branch sale | — | (85 | ) | ||||
Amortization | (16,850 | ) | (18,892 | ) | |||
Balance at December 31 | $ | 57,625 | $ | 71,635 |
(Dollars in thousands) | 2016 | 2015 | |||||
Gross balance | $ | 118,041 | $ | 115,201 | |||
Accumulated amortization | (60,416 | ) | (43,566 | ) | |||
Carrying value | $ | 57,625 | $ | 71,635 |
(Dollars in thousands) | |||
2017 | $ | 14,556 | |
2018 | 12,220 | ||
2019 | 9,892 | ||
2020 | 7,838 | ||
2021 | 5,996 |
December 31, 2016 | December 31, 2015 | ||||||||||||||||||
(Dollars in thousands) | Amount | Ratio | Requirements to be well-capitalized | Amount | Ratio | Requirements to be well-capitalized | |||||||||||||
BancShares | |||||||||||||||||||
Tier 1 risk-based capital | $ | 2,995,557 | 12.42 | % | 8.00 | % | $ | 2,831,242 | 12.65 | % | 8.00 | % | |||||||
Common equity Tier 1 | 2,995,557 | 12.42 | 6.50 | 2,799,163 | 12.51 | 6.50 | |||||||||||||
Total risk-based capital | 3,339,986 | 13.85 | 10.00 | 3,140,212 | 14.03 | 10.00 | |||||||||||||
Leverage capital | 2,995,557 | 9.05 | 5.00 | 2,831,242 | 8.96 | 5.00 | |||||||||||||
FCB | |||||||||||||||||||
Tier 1 risk-based capital | 2,942,829 | 12.25 | 8.00 | 2,821,475 | 12.64 | 8.00 | |||||||||||||
Common equity Tier 1 | 2,942,829 | 12.25 | 6.50 | 2,821,475 | 12.64 | 6.50 | |||||||||||||
Total risk-based capital | 3,172,757 | 13.21 | 10.00 | 3,038,070 | 13.61 | 10.00 | |||||||||||||
Leverage capital | 2,942,829 | 8.94 | 5.00 | 2,821,475 | 8.95 | 5.00 |
December 31, 2016 | December 31, 2015 | ||||||||||||||||||||||
(Dollars in thousands) | Accumulated other comprehensive loss | Deferred tax benefit | Accumulated other comprehensive loss, net of tax | Accumulated other comprehensive loss | Deferred tax benefit | Accumulated other comprehensive loss, net of tax | |||||||||||||||||
Unrealized losses on investment securities available for sale | $ | (72,707 | ) | $ | (26,832 | ) | $ | (45,875 | ) | $ | (24,504 | ) | $ | (9,379 | ) | $ | (15,125 | ) | |||||
Unrealized loss on cash flow hedge | — | — | — | (1,429 | ) | (537 | ) | (892 | ) | ||||||||||||||
Funded status of defined benefit plan | (141,774 | ) | (52,457 | ) | (89,317 | ) | (78,419 | ) | (29,996 | ) | (48,423 | ) | |||||||||||
Total | $ | (214,481 | ) | $ | (79,289 | ) | $ | (135,192 | ) | $ | (104,352 | ) | $ | (39,912 | ) | $ | (64,440 | ) |
(Dollars in thousands) | Unrealized gains (losses) on available-for-sale securities(1) | Gains (losses) on cash flow hedges(1) | Defined benefit pension items(1) | Total | |||||||||||
Balance at January 1, 2015 | $ | 5,098 | $ | (2,664 | ) | $ | (55,415 | ) | $ | (52,981 | ) | ||||
Other comprehensive (loss) income before reclassifications | (13,544 | ) | 1,772 | 394 | (11,378 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive (loss) income | (6,679 | ) | — | 6,598 | (81 | ) | |||||||||
Net current period other comprehensive (loss) income | (20,223 | ) | 1,772 | 6,992 | (11,459 | ) | |||||||||
Balance at December 31, 2015 | (15,125 | ) | (892 | ) | (48,423 | ) | (64,440 | ) | |||||||
Other comprehensive (loss) income before reclassifications | (13,946 | ) | 892 | (45,347 | ) | (58,401 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive (loss) income | (16,804 | ) | — | 4,453 | (12,351 | ) | |||||||||
Net current period other comprehensive (loss) income | (30,750 | ) | 892 | (40,894 | ) | (70,752 | ) | ||||||||
Balance at December 31, 2016 | $ | (45,875 | ) | $ | — | $ | (89,317 | ) | $ | (135,192 | ) |
(Dollars in thousands) | Year ended December 31, 2016 | |||||
Details about accumulated other comprehensive income (loss) | Amount reclassified from accumulated other comprehensive income (loss)(1) | Affected line item in the statement where net income is presented | ||||
Unrealized gains and losses on available for sale securities | $ | 26,673 | Securities gains | |||
(9,869 | ) | Income taxes | ||||
$ | 16,804 | Net income | ||||
Amortization of defined benefit pension items | ||||||
Prior service costs | $ | (210 | ) | Employee benefits | ||
Actuarial losses | (6,859 | ) | Employee benefits | |||
(7,069 | ) | Employee benefits | ||||
2,616 | Income taxes | |||||
$ | (4,453 | ) | Net income | |||
Total reclassifications for the period | $ | 12,351 | ||||
Year ended December 31, 2015 | ||||||
Details about accumulated other comprehensive income (loss) | Amount reclassified from accumulated other comprehensive income (loss)(1) | Affected line item in the statement where net income is presented | ||||
Unrealized gains and losses on available for sale securities | $ | 10,817 | Securities gains | |||
(4,138 | ) | Income taxes | ||||
$ | 6,679 | Net income | ||||
Amortization of defined benefit pension items | ||||||
Prior service costs | $ | (210 | ) | Employee benefits | ||
Actuarial losses | (11,376 | ) | Employee benefits | |||
(11,586 | ) | Employee benefits | ||||
4,988 | Income taxes | |||||
$ | (6,598 | ) | Net income | |||
Total reclassifications for the period | $ | 81 |
Parent Company | |||||||
Condensed Balance Sheets | |||||||
(Dollars in thousands) | December 31, 2016 | December 31, 2015 | |||||
Assets | |||||||
Cash | $ | 8,278 | $ | 24,869 | |||
Overnight investments | 26,157 | 1,416 | |||||
Investment securities available for sale | 95,564 | 21,137 | |||||
Investment in banking subsidiaries | 2,932,048 | 2,874,581 | |||||
Investment in other subsidiaries | 41,066 | 43,117 | |||||
Other assets | 92,787 | 73,944 | |||||
Total assets | $ | 3,195,900 | $ | 3,039,064 | |||
Liabilities and Shareholders' Equity | |||||||
Long-term obligations | $ | 126,861 | $ | 133,775 | |||
Due to subsidiaries | 56,323 | 29,682 | |||||
Other liabilities | 289 | 3,498 | |||||
Shareholders' equity | 3,012,427 | 2,872,109 | |||||
Total liabilities and shareholders' equity | $ | 3,195,900 | $ | 3,039,064 |
Parent Company | |||||||||||
Condensed Income Statements | |||||||||||
Year ended December 31 | |||||||||||
(Dollars in thousands) | 2016 | 2015 | 2014 | ||||||||
Interest income | $ | 1,110 | $ | 645 | $ | 1,784 | |||||
Interest expense | 6,067 | 6,793 | 9,694 | ||||||||
Net interest loss | (4,957 | ) | (6,148 | ) | (7,910 | ) | |||||
Dividends from banking subsidiaries | 90,055 | 75,006 | 82,419 | ||||||||
Dividends from other subsidiaries | — | 23,500 | — | ||||||||
Other income | 9,330 | 1,870 | 33,600 | ||||||||
Other operating expense | 5,641 | 2,634 | 6,534 | ||||||||
Income before income tax benefit and equity in undistributed net income of subsidiaries | 88,787 | 91,594 | 101,575 | ||||||||
Income tax benefit | (730 | ) | (2,618 | ) | (2,590 | ) | |||||
Income before equity in undistributed net income of subsidiaries | 89,517 | 94,212 | 104,165 | ||||||||
Equity in undistributed net income of subsidiaries | 135,965 | 116,174 | 34,397 | ||||||||
Net income | $ | 225,482 | $ | 210,386 | $ | 138,562 |
Parent Company | |||||||||||
Condensed Statements of Cash Flows | |||||||||||
Year ended December 31 | |||||||||||
(Dollars in thousands) | 2016 | 2015 | 2014 | ||||||||
OPERATING ACTIVITIES | |||||||||||
Net income | $ | 225,482 | $ | 210,386 | $ | 138,562 | |||||
Adjustments | |||||||||||
Undistributed net income of subsidiaries | (135,965 | ) | (116,174 | ) | (34,397 | ) | |||||
Net amortization of premiums and discounts | (6,838 | ) | (2,712 | ) | 594 | ||||||
Securities gains | (9,446 | ) | (236 | ) | (29,126 | ) | |||||
Gain on elimination of acquired debt | — | — | (1,988 | ) | |||||||
Change in other assets | (20,845 | ) | (3,070 | ) | 93,385 | ||||||
Change in other liabilities | (1,780 | ) | (1,157 | ) | 2,250 | ||||||
Net cash provided by operating activities | 50,608 | 87,037 | 169,280 | ||||||||
INVESTING ACTIVITIES | |||||||||||
Net change in due from subsidiaries | — | 295,994 | (150,328 | ) | |||||||
Net change in overnight investments | (24,741 | ) | (1,416 | ) | — | ||||||
Purchases of investment securities | (93,003 | ) | (7,818 | ) | (33,243 | ) | |||||
Proceeds from sales, calls, and maturities of securities | 38,316 | 100,586 | 114,208 | ||||||||
Investment in subsidiaries | — | — | 1,579 | ||||||||
Business acquisitions, net of cash acquired | — | — | (24,772 | ) | |||||||
Net cash (used) provided by investing activities | (79,428 | ) | 387,346 | (92,556 | ) | ||||||
FINANCING ACTIVITIES | |||||||||||
Net change in due to subsidiaries | 26,641 | 29,682 | — | ||||||||
Net change in short-term borrowings | — | (485,207 | ) | (1,211 | ) | ||||||
Retirement of long-term obligations | — | — | (52,372 | ) | |||||||
Stock issuance costs | — | — | (619 | ) | |||||||
Cash dividends paid | (14,412 | ) | (18,015 | ) | (11,543 | ) | |||||
Net cash provided (used) by financing activities | 12,229 | (473,540 | ) | (65,745 | ) | ||||||
Net change in cash | (16,591 | ) | 843 | 10,979 | |||||||
Cash balance at beginning of year | 24,869 | 24,026 | 13,047 | ||||||||
Cash balance at end of year | $ | 8,278 | $ | 24,869 | $ | 24,026 |
FIRST CITIZENS BANCSHARES, INC. (Registrant) | |
/S/ FRANK B. HOLDING, JR. | |
Frank B. Holding, Jr. Chairman and Chief Executive Officer |
Signature | Title | Date | ||
/s/ FRANK B. HOLDING, JR. Frank B. Holding, Jr. | Chairman and Chief Executive Officer | February 22, 2017 | ||
/S/ CRAIG L. NIX Craig L. Nix | Chief Financial Officer (principal financial officer) | February 22, 2017 | ||
/S/ LORIE K. RUPP Lorie K. Rupp | Vice President and Chief Accounting Officer (principal accounting officer) | February 22, 2017 | ||
/s/ JOHN M. ALEXANDER, JR. * John M. Alexander, Jr. | Director | February 22, 2017 | ||
/s/ VICTOR E. BELL, III * Victor E. Bell, III | Director | February 22, 2017 | ||
/s/ HOPE HOLDING BRYANT * Hope Holding Bryant | Director | February 22, 2017 | ||
/s/ PETER M. BRISTOW * Peter M. Bristow | Director | February 22, 2017 |
Signature | Title | Date | ||
/s/ H. LEE DURHAM, JR. * H. Lee Durham, Jr. | Director | February 22, 2017 | ||
/s/ DANIEL L. HEAVNER * Daniel L. Heavner | Director | February 22, 2017 | ||
/s/ ROBERT R. HOPPE * Robert R. Hoppe | Director | February 22, 2017 | ||
/s/ LUCIUS S. JONES * Lucius S. Jones | Director | February 22, 2017 | ||
/s/ FLOYD L. KEELS * Floyd L. Keels | Director | February 22, 2017 | ||
/s/ ROBERT E. MASON, IV * Robert E. Mason, IV | Director | February 22, 2017 | ||
/s/ ROBERT T. NEWCOMB * Robert T. Newcomb | Director | February 22, 2017 | ||
/s/ JAMES M. PARKER * James M. Parker | Director | February 22, 2017 |
* | Craig L. Nix hereby signs this Annual Report on Form 10-K on February 22, 2017, on behalf of each of the indicated persons for whom he is attorney-in-fact pursuant to a Power of Attorney filed herewith. |
By: | /S/ CRAIG L. NIX | |
Craig L. Nix As Attorney-In-Fact |
2.1 | Purchase and Assumption Agreement between Registrant’s subsidiary First-Citizens Bank & Trust Company and Federal Deposit Insurance Corporation dated July 17, 2009 (incorporated by reference from Registrant’s Form 8-K/A filed February 1, 2010 to Form 8-K dated July 17, 2009) |
2.2 | Purchase and Assumption Agreement between Registrant’s subsidiary First-Citizens Bank & Trust Company and Federal Deposit Insurance Corporation dated September 11, 2009 (incorporated by reference from Registrant’s Form 8-K/A filed December 21, 2009 to Form 8-K dated September 11, 2009) |
2.3 | Purchase and Assumption Agreement between Registrant’s subsidiary First-Citizens Bank & Trust Company and Federal Deposit Insurance Corporation dated January 29, 2010 (incorporated by reference from Registrant’s Form 8-K/A filed June 9, 2010 to Form 8-K dated January 29, 2010) |
2.4 | Purchase and Assumption Agreement between Registrant’s subsidiary First-Citizens Bank & Trust Company and Federal Deposit Insurance Corporation dated March 5, 2010 (incorporated by reference from Registrant’s Form 8-K dated March 5, 2010) |
2.5 | Purchase and Assumption Agreement between Registrant’s subsidiary First-Citizens Bank & Trust Company and Federal Deposit Insurance Corporation dated January 21, 2011 (incorporated by reference from Registrant’s Form 8-K dated January 21, 2011) |
2.6 | Purchase and Assumption Agreement between Registrant’s subsidiary First-Citizens Bank & Trust Company and Federal Deposit Insurance Corporation dated July 8, 2011 (incorporated by reference from Registrant’s Form 8-K dated July 8, 2011) |
2.7 | Agreement and Plan of Merger by and between Registrant and First Citizens Bancorporation, Inc., dated as of June 10, 2014 (incorporated by reference from Registrant’s Form 8-K dated June 10, 2014) |
2.8 | First Amendment to Agreement and Plan of Merger by and between Registrant and First Citizens Bancorporation, Inc., dated as of July 29, 2014 (incorporated by reference from Registrant’s Form 8-K dated July 29, 2014). |
3.1 | Certificate of Incorporation of the Registrant, as amended (incorporated by reference from Registrant’s Form 10-K for the year ended December 31, 2014) |
3.2 | Bylaws of the Registrant, as amended (incorporated by reference from Registrant’s Form 8-K dated July 28, 2015) |
4.1 | Specimen of Registrant’s Class A Common Stock certificate (incorporated by reference from Registrant’s Form 10-K for the year ended December 31, 2008) |
4.2 | Specimen of Registrant’s Class B Common Stock certificate (incorporated by reference from Registrant’s Form 10-K for the year ended December 31, 2008) |
4.3 | Amended and Restated Trust Agreement of FCB/NC Capital Trust III (incorporated by reference from Registrant’s Form 10-Q for the quarter ended June 30, 2006) |
4.4 | Guarantee Agreement relating to Registrant’s guarantee of the capital securities of FCB/NC Capital Trust III (incorporated by reference from Registrant’s Form 10-Q for the quarter ended June 30, 2006) |
4.5 | Junior Subordinated Indenture dated May 18, 2006 between Registrant and Wilmington Trust Company, as Debenture Trustee (incorporated by reference from Registrant’s Form 10-Q for the quarter ended June 30, 2006) |
4.6 | Form of Guaranty Agreement between First Citizens Bancorporation, Inc., as Guarantor, and Deutsche Bank Trust Company Americas, as Guarantee Trustee, dated as of May 7, 2004 (previously filed as Exhibit 4.2 to Bancorporation's (Commission File No. 0-11172) Quarterly Report on Form 10-Q, filed with the Commission on August 9, 2004, and incorporated herein by reference) |
4.7 | Junior Subordinated Indenture between First Citizens Bancorporation, Inc., and Deutsche Bank Trust Company Americas, as Debenture Trustee, dated as of May 7, 2004 (previously filed as Exhibit 4.3 to Bancorporation's (Commission File No. 0-11172) Quarterly Report on Form 10-Q, filed with the Commission on August 9, 2004, and incorporated herein by reference) |
4.8 | First Supplemental Indenture between Registrant and Deutsche Bank Trust Company Americas, as Debenture Trustee, dated October 1, 2014 (incorporated by reference from Registrant's Form 8-K dated October 1, 2014) |
4.9 | 8% Subordinated Note due 2018 (Louise T. Adams) (incorporated by reference from Registrant's Form 8-K dated October 1, 2014) |
4.1 | 8% Subordinated Note due 2018 (Greta T. Covington) (incorporated by reference from Registrant's Form 8-K dated October 1, 2014) |
4.1 | 8% Subordinated Note due 2018 (John H. Terrell, III) (incorporated by reference from Registrant's Form 8-K dated October 1, 2014) |
10.1 | Executive Consultation, Separation from Service and Death Benefit Agreement between Registrant’s subsidiary First-Citizens Bank & Trust Company and Frank B. Holding, Jr. (incorporated by reference from Registrant’s Form 8-K dated February 18, 2011) |
10.2 | Executive Consultation, Separation from Service and Death Benefit Agreement between Registrant’s subsidiary First-Citizens Bank & Trust Company and Hope Holding Bryant (incorporated by reference from Registrant’s Form 8-K dated February 18, 2011) |
10.3 | Executive Consultation, Separation from Service and Death Benefit Agreement between Registrant’s subsidiary First-Citizens Bank & Trust Company and Edward L. Willingham, IV (incorporated by reference from Registrant’s Form 8-K dated February 18, 2011) |
10.4 | Executive Consultation, Separation from Service and Death Benefit Agreement between Registrant’s subsidiary, First-Citizens Bank & Trust Company, as successor by merger to IronStone Bank, and James M. Parker (incorporated by reference from Registrant’s Form 10-Q for the quarter ended September 30, 2007) |
10.5 | Executive Consultation, Separation from Service and Death Benefit Agreement between Registrant’s subsidiary, First-Citizens Bank & Trust Company, as successor by merger to IronStone Bank, and James M. Parker (incorporated by reference from Registrant’s Form 10-K for the year ended December 31, 2008) |
10.6 | Executive Consultation, Separation from Service and Death Benefit Agreement between Registrant’s subsidiary, First-Citizens Bank & Trust Company, as successor by merger to IronStone Bank, and James M. Parker (incorporated by reference from Registrant’s Form 8-K dated February 4, 2009) |
10.7 | Executive Consultation, Separation from Service and Death Benefit Agreement between Registrant’s subsidiary, First-Citizens Bank & Trust Company, as successor by merger to IronStone Bank, and James M. Parker (incorporated by reference from Registrant’s Form 10-K for the year ended December 31, 2010) |
10.8 | Employee Consultation, Post-Retirement, Non-Competition and Death Benefit Agreement between Registrant's subsidiary, First-Citizens Bank & Trust Company, as successor by merger to First Citizens Bank and Trust Company, Inc., and Peter M. Bristow. (incorporated by reference from Registrant’s Form 10-K for the year ended December 31, 2014) |
10.9 | Employee Consultation, Post-Retirement, Non-Competition and Death Benefit Agreement between Registrant's subsidiary, First-Citizens Bank & Trust Company as successor by merger to First Citizens Bank and Trust Company, Inc., and Craig L. Nix. (incorporated by reference from Registrant’s Form 10-K for the year ended December 31, 2014) |
10.10 | 409A Deferred Compensation Plan of Registrant's subsidiary, First-Citizens Bank & Trust Company, as successor by merger to First Citizens Bank and Trust Company, Inc. (incorporated by reference from Registrant’s Form 10-K for the year ended December 31, 2014) |
10.11 | Deferred Compensation Plan of Registrant's subsidiary, First-Citizens Bank & Trust Company, as successor by merger to First-Citizens Bank and Trust Company, Inc. (incorporated by reference from Registrant’s Form 10-K for the year ended December 31, 2014) |
10.12 | Long-Term Incentive Plan of Registrant's subsidiary, First-Citizens Bank & Trust Company (incorporated by reference from Registrant's Form 8-K dated April 29, 2014) |
10.13 | Form of Long-Term Incentive Plan Award Agreement (incorporated by reference from Registrant's Form 8-K dated April 29, 2014) |
10.14 | Long-Term Compensation Plan of Registrant's subsidiary, First-Citizens Bank & Trust Company, as successor by merger to First Citizens Bank and Trust Company, Inc. (incorporated by reference from Registrant’s Form 10-K for the year ended December 31, 2014) |
10.17 | Long-Term Compensation Plan 2013 award agreement between Registrant's subsidiary, First-Citizens Bank & Trust Company, as successor by merger to First Citizens Bank and Trust Company, Inc., and Craig Nix (incorporated by reference from Registrant’s Form 10-K for the year ended December 31, 2014) |
10.18 | Long-Term Compensation Plan 2013 award agreement between Registrant's subsidiary, First-Citizens Bank & Trust Company, as successor by merger to First Citizens Bank and Trust Company, Inc., and Peter Bristow (incorporated by reference from Registrant’s Form 10-K for the year ended December 31, 2014) |
21 | Subsidiaries of the Registrant (filed herewith) |
24 | Power of Attorney (filed herewith) |
31.1 | Certification of Chief Executive Officer (filed herewith) |
31.2 | Certification of Chief Financial Officer (filed herewith) |
32.1 | Certification of Chief Executive Officer (filed herewith) |
32.2 | Certification of Chief Financial Officer (filed herewith) |
99.1 | Proxy Statement for Registrant’s 2017 Annual Meeting (separately filed) |
*101.INS | XBRL Instance Document (filed herewith) |
*101.SCH | XBRL Taxonomy Extension Schema (filed herewith) |
*101.CAL | XBRL Taxonomy Extension Calculation Linkbase (filed herewith) |
*101.LAB | XBRL Taxonomy Extension Label Linkbase (filed herewith) |
*101.PRE | XBRL Taxonomy Extension Presentation Linkbase (filed herewith) |
*101.DEF | XBRL Taxonomy Definition Linkbase (filed herewith) |
* | Interactive data files are furnished but not filed for purposes of Sections 11 and 12 of the Securities Act of 1933, as amended, and Section 18 of the Securities Exchange Act of 1934, as amended. |
Subsidiary | State or Jurisdiction of Incorporation | |
First-Citizens Bank & Trust Company | North Carolina | |
First Citizens Housing Development, LLC | South Carolina | |
FCB/NC Capital Trust III | Delaware | |
FCB/SC Capital Trust II | Delaware | |
Neuse, Incorporated | North Carolina |
Signature | Title | Date | ||
/s/ John M. Alexander, Jr. | Director | January 24, 2017 | ||
John M. Alexander, Jr. | ||||
/s/ Victor E. Bell III | Director | January 24, 2017 | ||
Victor E. Bell III | ||||
/s/ Peter M. Bristow | Director | January 24, 2017 | ||
Peter M. Bristow | ||||
/s/ Hope Holding Bryant | Vice Chairman | January 24, 2017 | ||
Hope Holding Bryant | ||||
/s/ H. Lee Durham | Director | January 24, 2017 | ||
H. Lee Durham | ||||
/s/ Daniel L. Heavner | Director | January 24, 2017 | ||
Daniel L. Heavner | ||||
/s/ Frank B. Holding, Jr. | Chairman of the Board; Chief Executive Officer | January 24, 2017 | ||
Frank B. Holding, Jr. | ||||
/s/ Robert R. Hoppe | Director | January 24, 2017 | ||
Robert R. Hoppe | ||||
/s/ Lucius S. Jones | Director | January 24, 2017 | ||
Lucius S. Jones | ||||
/s/ Floyd L. Keels | Director | January 24, 2017 | ||
Floyd L. Keels | ||||
/s/ Robert E. Mason, IV | Director | January 24, 2017 | ||
Robert E. Mason, IV | ||||
/s/ Robert T. Newcomb | Director | January 24, 2017 | ||
Robert T. Newcomb | ||||
/s/ James M. Parker | Director | January 24, 2017 | ||
James M. Parker |
1. | I have reviewed this Annual Report on Form 10-K of First Citizens BancShares, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ Frank B. Holding, Jr. |
Frank B. Holding, Jr. |
Chief Executive Officer |
1. | I have reviewed this Annual Report on Form 10-K of First Citizens BancShares, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ Craig L. Nix |
Craig L. Nix |
Chief Financial Officer |
/s/ Frank B. Holding, Jr. |
Frank B. Holding, Jr. |
Chief Executive Officer |
/s/ Craig L. Nix |
Craig L. Nix |
Chief Financial Officer |
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Document And Entity Information - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Feb. 21, 2017 |
Jun. 30, 2016 |
|
Entity Registrant Name | FIRST CITIZENS BANCSHARES INC /DE/ | ||
Entity Central Index Key | 0000798941 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 1,900,169,651 | ||
Class A Common Stock | |||
Entity Common Stock, Shares Outstanding | 11,005,220 | ||
Class B Common Stock | |||
Entity Common Stock, Shares Outstanding | 1,005,185 |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Available-for-sale Securities, Amortized Cost Basis | $ 7,079,287 | $ 6,885,797 |
Class A Common Stock | ||
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shared authorized | 16,000,000 | 16,000,000 |
Common stock, shares issued | 11,005,220 | 11,005,220 |
Common stock, shares outstanding | 11,005,220 | 11,005,220 |
Class B Common Stock | ||
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shared authorized | 2,000,000 | 2,000,000 |
Common stock, shares issued | 1,005,185 | 1,005,185 |
Common stock, shares outstanding | 1,005,185 | 1,005,185 |
Mortgage Backed Securities, Other | ||
Available-for-sale Securities, Amortized Cost Basis | $ 5,259,466 | $ 4,692,447 |
Held-to-maturity Securities, Fair Value | $ 104 | $ 265 |
Consolidated Statements of Changes In Shareholders' Equity - USD ($) $ in Thousands |
Total |
Class A Common Stock |
Class B Common Stock |
Common Stock |
Common Stock
Class A Common Stock
|
Common Stock
Class B Common Stock
|
Surplus |
Surplus
Class A Common Stock
|
Surplus
Class B Common Stock
|
Retained Earnings [Member] |
Retained Earnings [Member]
Class A Common Stock
|
Retained Earnings [Member]
Class B Common Stock
|
Accumulated Other Comprehensive Loss |
Accumulated Other Comprehensive Loss
Class A Common Stock
|
Accumulated Other Comprehensive Loss
Class B Common Stock
|
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Beginning balance at Dec. 31, 2013 | $ 2,071,462 | $ 8,586 | $ 1,033 | $ 143,766 | $ 1,943,345 | $ (25,268) | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net income | 138,562 | 0 | 0 | 0 | 138,562 | 0 | |||||||||
Net current period other comprehensive income | (27,713) | 0 | 0 | 0 | 0 | (27,713) | |||||||||
Stock Issued During Period, Value, New Issues | 563,628 | 2,587 | 18 | 561,023 | 0 | 0 | |||||||||
Repurchase of common stock shares | $ (36,308) | $ (9,777) | $ 0 | (168) | (46) | $ (36,140) | $ (9,731) | $ 0 | $ 0 | $ 0 | $ 0 | ||||
Repurchase and retirement of common stock | 46,085 | ||||||||||||||
Cash dividends | (12,260) | 0 | 0 | 0 | (12,260) | 0 | |||||||||
Ending balance at Dec. 31, 2014 | 2,687,594 | 11,005 | 1,005 | 658,918 | 2,069,647 | (52,981) | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net income | 210,386 | 0 | 0 | 0 | 210,386 | 0 | |||||||||
Net current period other comprehensive income | (11,459) | 0 | 0 | 0 | 0 | (11,459) | |||||||||
Repurchase and retirement of common stock | 0 | ||||||||||||||
Cash dividends | (14,412) | 0 | 0 | 0 | (14,412) | 0 | |||||||||
Ending balance at Dec. 31, 2015 | 2,872,109 | 11,005 | 1,005 | 658,918 | 2,265,621 | (64,440) | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net income | 225,482 | 0 | 0 | 0 | 225,482 | 0 | |||||||||
Net current period other comprehensive income | (70,752) | 0 | 0 | 0 | 0 | (70,752) | |||||||||
Repurchase and retirement of common stock | 0 | ||||||||||||||
Cash dividends | (14,412) | 0 | 0 | 0 | (14,412) | 0 | |||||||||
Ending balance at Dec. 31, 2016 | $ 3,012,427 | $ 11,005 | $ 1,005 | $ 658,918 | $ 2,476,691 | $ (135,192) |
Consolidated Statements of Changes In Shareholders' Equity (Parenthetical) $ in Thousands |
12 Months Ended |
---|---|
Dec. 31, 2016
USD ($)
$ / shares
shares
| |
Statement of Stockholders' Equity [Abstract] | |
Cash dividends (in dollars per share) | $ / shares | $ 1.20 |
Stock issuance costs | $ | $ 0 |
Class B Common Stock | |
Statement of Stockholders' Equity [Abstract] | |
Stock Repurchased and Retired During Period, Shares | shares | 0 |
Accounting Policies and Basis of Presentation |
12 Months Ended | ||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||
Accounting Policies and Basis of Presentation | ACCOUNTING POLICIES AND BASIS OF PRESENTATION General First Citizens BancShares, Inc. (BancShares) is a financial holding company organized under the laws of Delaware and conducts operations through its banking subsidiary, First-Citizens Bank & Trust Company (FCB), which is headquartered in Raleigh, North Carolina. On September 1, 2016, First Citizens Bank completed the merger of Midlothian, Virginia-based Cordia Bancorp, Inc. (Cordia) and its subsidiary, Bank of Virginia (BVA) into FCB. Under the terms of the merger agreement, cash consideration of $5.15 was paid to Cordia’s shareholders for each of their shares of Cordia’s common stock, with total consideration paid of $37.1 million. On June 14, 2016, FCB terminated five of FCB's nine shared-loss agreements with the Federal Deposit Insurance Corporation (FDIC), including Temecula Valley Bank (TVB), Sun American Bank (SAB), Williamsburg First National Bank (WFNB), Atlantic Bank & Trust (ABT) and Colorado Capital Bank (CCB). The resulting positive net impact to pre-tax earnings from the early termination of the FDIC shared-loss agreements was $16.6 million during 2016. See Note H for additional information regarding the FDIC shared-loss termination. On May 6, 2016, FCB purchased certain assets and assumed certain liabilities of First CornerStone Bank (FCSB) of King of Prussia, Pennsylvania from the FDIC. On March 11, 2016, FCB purchased certain assets and assumed certain liabilities of North Milwaukee State Bank (NMSB) of Milwaukee, Wisconsin from the FDIC. On February 13, 2015, FCB purchased certain assets and assumed certain liabilities of Capitol City Bank & Trust (CCBT) of Atlanta, Georgia from the FDIC. In accordance with the acquisition method of accounting, all assets and liabilities were recorded at their fair value as of the acquisition date. Fair values are subject to refinement for up to one year after the closing date of the transaction as additional information regarding closing date fair values becomes available. See Note B for additional information regarding Business Combinations. Nature of Operations FCB operates 550 branches in North Carolina, South Carolina, Virginia, West Virginia, Maryland, Tennessee, California, Washington, Florida, Georgia, Texas, Arizona, New Mexico, Colorado, Oregon, Missouri, Oklahoma, Kansas, Pennsylvania, Wisconsin and New Jersey. FCB provides full-service banking services designed to meet the needs of retail and commercial customers in the markets in which they operate. The services provided include transaction and savings deposit accounts, commercial and consumer loans, trust and asset management. Investment services, including sales of annuities and third party mutual funds are offered through First Citizens Investor Services, Inc. (FCIS), title insurance is offered through Neuse Financial Services, Inc., and investment advisory services are provided through First Citizens Asset Management, Inc. (FCAM). First Citizens Securities Corporation merged into FCIS effective January 1, 2016. The accounting and reporting policies of BancShares and its subsidiaries are in accordance with accounting principles generally accepted in the United States of America (GAAP). Additionally, where applicable, the policies conform to the accounting and reporting guidelines prescribed by bank regulatory authorities. The following is a summary of BancShares' more significant accounting policies. Principles of Consolidation and Segment Reporting The consolidated financial statements of BancShares include the accounts of BancShares and those subsidiaries that are majority owned by BancShares and over which BancShares exercises control. In consolidation, all significant intercompany accounts and transactions are eliminated. The results of operations of companies or assets acquired are included only from the dates of acquisition. All material wholly-owned and majority-owned subsidiaries are consolidated unless GAAP requires otherwise. BancShares operates with centralized management and combined reporting, thus BancShares operates as one consolidated reportable segment. FCB has investments in certain partnerships and limited liability entities primarily for the purposes of fulfilling Community Reinvestment Act requirements and/or obtaining tax credits. The entities have been evaluated and determined to be variable interest entities (VIEs). VIEs are legal entities in which equity investors do not have sufficient equity at risk for the entity to independently finance its activities without additional subordinated financial support, or as a group, the holders of the equity investment at risk lack the power through voting or similar rights to direct the activities of the entity that most significantly impact its economic performance, or do not have the obligation to absorb the expected losses of the entity or the right to receive expected residual returns of the entity. Consolidation of a VIE is considered appropriate if a reporting entity holds a controlling financial interest in the VIE. Analysis of these investments concluded that FCB is not the primary beneficiary and does not hold a controlling interest in the VIEs and, therefore, the assets and liabilities of these entities are not consolidated into the financial statements of FCB or BancShares. The recorded investment in these entities is reported within other assets in the Consolidated Balance Sheets. Reclassifications In certain instances, amounts reported in prior years' consolidated financial statements have been reclassified to conform to the current financial statement presentation. Such reclassifications had no effect on previously reported cash flows, shareholders' equity or net income. Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates, and different assumptions in the application of these policies could result in material changes in BancShares' consolidated financial position, the consolidated results of its operations or related disclosures. Material estimates that are particularly susceptible to significant change include:
Business Combinations BancShares accounts for all business combinations using the acquisition method of accounting. Under this method of accounting, acquired assets and assumed liabilities are included with the acquirer's accounts as of the date of acquisition, with any excess of purchase price over the fair value of the net assets acquired recognized as either finite lived intangibles or capitalized as goodwill. In addition, acquisition-related costs and restructuring costs are recognized as period expenses as incurred. Cash and Cash Equivalents Cash and cash equivalents include cash and due from banks, interest-bearing deposits with banks and federal funds sold. Cash and cash equivalents have initial maturities of three months or less. The carrying value of cash and cash equivalents approximates its fair value due to its short-term nature. Investment Securities BancShares classifies marketable investment securities as held to maturity, available for sale or trading. Interest income and dividends on securities are recognized in interest income on an accrual basis. Premiums and discounts on debt securities are amortized as an adjustment to interest income using the interest method. At December 31, 2016 and 2015, BancShares had no investment securities held for trading purposes. Debt securities are classified as held to maturity where BancShares has both the intent and ability to hold the securities to maturity. These securities are reported at amortized cost. Investment securities that may be sold to meet liquidity needs arising from unanticipated deposit and loan fluctuations, changes in regulatory capital requirements or unforeseen changes in market conditions, are classified as available for sale. Securities available for sale are reported at estimated fair value, with unrealized gains and losses reported in accumulated other comprehensive income or loss, net of deferred income taxes, in the shareholders' equity section of the Consolidated Balance Sheets. Gains or losses realized from the sale of securities available for sale are determined by specific identification on a trade date basis and are included in noninterest income. BancShares evaluates each held to maturity and available for sale security in a loss position for other-than-temporary impairment (OTTI) at least quarterly. BancShares considers such factors as the length of time and the extent to which the market value has been below amortized cost, long term expectations and recent experience regarding principal and interest payments, BancShares' intent to sell, and whether it is more likely than not that it would be required to sell those securities before the anticipated recovery of the amortized cost basis. The credit component of an OTTI loss is recognized in earnings and the non-credit component is recognized in accumulated other comprehensive income in situations where BancShares does not intend to sell the security, and it is more likely than not that BancShares will not be required to sell the security prior to recovery. Non-marketable Securities Federal law requires a member institution of the Federal Home Loan Bank (FHLB) system to purchase and hold restricted stock of its district FHLB according to a predetermined formula. This stock is restricted in that it may only be sold to the FHLB and all sales must be at par. Accordingly, the FHLB restricted stock is carried at cost, less any applicable impairment charges. Non-marketable securities are periodically evaluated for impairment. BancShares considers positive and negative evidence, including the profitability and asset quality of the issuer, dividend payment history and recent redemption experience when determining the ultimate recoverability of the recorded investment. Non-marketable securities are recorded within other assets in the Consolidated Balance Sheets. FHLB and non-marketable securities were $43.8 million and $37.7 million at December 31, 2016 and 2015, respectively. Investments in Qualified Affordable Housing Projects BancShares and FCB have investments in certain partnerships and limited liability entities primarily for the purposes of fulfilling Community Reinvestment Act requirements and obtaining tax credits and accounts for investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. Under the proportional amortization method, the initial cost of the investment is amortized in proportion to the tax credits and other tax benefits received and the net investment performance is recognized in the income statement as a component of income tax expense. All of the investments held in qualified affordable housing projects qualify for the proportional amortization method and were $109.8 million and $85.6 million at December 31, 2016 and December 31, 2015, respectively, and are included in other assets on the Consolidated Balance Sheets. Loans Held For Sale BancShares elected to apply the fair value option for new originations of prime residential mortgage loans to be sold. BancShares elected the fair value option and accounts for the forward commitments used to economically hedge the loans held for sale at fair value. Gains and losses on sales of mortgage loans are recognized in the Consolidated Statements of Income in mortgage income. Origination fees collected are deferred and recorded in mortgage income in the period the corresponding loan is sold. Loans and Leases BancShares' accounting methods for loans and leases differ depending on whether they are purchased credit impaired (PCI) or non-PCI. Non-Purchased Credit Impaired (Non-PCI) Loans and Leases Loans and leases for which management has the intent and ability to hold for the foreseeable future are classified as held for investment and carried at the principal amount outstanding net of any unearned income, charge-offs and unamortized fees and costs on non-PCI loans. Nonrefundable fees collected and certain direct costs incurred related to loan originations are deferred and recorded as an adjustment to loans and leases outstanding. The net amount of the nonrefundable fees and costs are amortized to interest income over the contractual lives using methods that approximate a constant yield. Net deferred fees on non-PCI loans, including unearned income and unamortized costs, fees, premiums and discounts, were $6.7 million and $16.6 million at December 31, 2016 and 2015, respectively. Non-PCI loans include originated commercial, originated noncommercial, purchased non-impaired loans, purchased leases and certain purchased revolving credit. For purchased non-impaired loans to be included as non-PCI, it must be determined that the loans do not have a discount at least in part due to credit quality at the time of acquisition. The difference between fair value and unpaid principal balance of the loan at the acquisition date is amortized or accreted to interest income over the estimated life of the loans using a method that approximates the interest method. Purchased Credit Impaired (PCI) Loans PCI loans are recorded at fair value at the date of acquisition. No allowance for loan and lease losses is recorded on the acquisition date as the fair value of the acquired assets incorporates assumptions regarding credit risk. PCI loans are evaluated at acquisition and where a discount is required at least in part due to credit, the loans are accounted for under the guidance in Accounting Standards Codification (ASC) 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality. Purchased impaired loans reflect credit deterioration since origination such that it is probable at acquisition that BancShares will be unable to collect all contractually required payments. At the acquisition date, the difference between contractually required payments and the cash flows expected to be collected is the nonaccretable difference, which is included as a reduction to the carrying amount of PCI loans. If the timing and amount of the future cash flows is reasonably estimable, any excess of cash flows expected at acquisition over the estimated fair value is the accretable yield and is recognized in interest income over the asset's remaining life using the effective yield method. Over the life of PCI loans, BancShares continues to estimate cash flows expected to be collected on individual loans or on pools of loans sharing common risk characteristics. BancShares evaluates at each balance sheet date whether the estimated cash flows and corresponding present value of its loans determined using the effective interest rates has decreased and if so, recognizes provision for loan and lease losses in the Consolidated Statements of Income. For any increases in cash flows expected to be collected, BancShares adjusts any prior recorded allowance for loan and lease losses first through a reversal of previously recognized allowance through provision expense, and then the amount of accretable yield recognized on a prospective basis over the loan's or pool's remaining life. For non-pooled PCI loans, accretion income is recognized except for situations when the timing and amount of future cash flows cannot be determined. PCI loans with uncertain future cash flows are accounted for under the cost recovery method and those loans are generally reported as nonaccrual. For PCI loans where the cash flow analysis was initially performed at the loan pool level, the amount of accretable yield and nonaccretable difference is determined at the pool level. Each loan pool is made up of assets with similar characteristics at the date of acquisition including loan type, collateral type and performance status. All loan pools that have accretable yield to be recognized in interest income are classified as accruing regardless of the status of individual loans within the pool. Impaired Loans, Troubled Debt Restructurings (TDR) and Nonperforming Assets Management will deem non-PCI loans and leases to be impaired when, based on current information and events, it is probable that a borrower will be unable to pay all amounts due according to the contractual terms of the loan agreement. Generally, management considers the following loans to be impaired: all TDR loans, commercial and consumer relationships which are nonaccrual or 90+ days past due and greater than $500,000 as well as any other loan management deems impaired. When the ultimate collectability of an impaired loan's principal is doubtful, all cash receipts are applied to principal. Once the recorded principal balance has been reduced to zero, future cash receipts are applied first to all previously charged-off principal until fully collected, then to interest income, to the extent that any interest has been foregone. A loan is considered a TDR when both of the following occur: (1) a modification to a borrower's debt agreement is made and (2) a concession is granted for economic or legal reasons related to a borrower's financial difficulties that otherwise would not be granted. TDRs are undertaken in order to improve the likelihood of collection on the loan and may result in a stated interest rate lower than the current market rate for new debt with similar risk, other modifications to the structure of the loan that fall outside of normal underwriting policies and procedures or, in certain limited circumstances, forgiveness of principal or interest. Loans that have been restructured as a TDR are treated and reported as such for the remaining life of the loan. Modifications of PCI loans that are part of a pool accounted for as a single asset are not designated as TDRs. Modifications of non-pooled PCI loans are designated as TDRs in the same manner as non-PCI loans and leases. TDRs can be loans remaining on nonaccrual, moving to nonaccrual or continuing on accruing status, depending on the individual facts and circumstances of the borrower. In circumstances where a portion of the loan balance is charged-off, BancShares typically classifies the remaining balance as nonaccrual. In connection with commercial TDRs, the decision to maintain a loan that has been restructured on accrual status is based on a current credit evaluation of the borrower's financial condition and prospects for repayment under the modified terms. This evaluation includes consideration of the borrower's current capacity to pay, which may include a review of the borrower's current financial statements, an analysis of cash flow documenting the borrower's capacity to pay all debt obligations and an evaluation of secondary sources of payment from the borrower and any guarantors. This evaluation also includes an evaluation of the borrower's current willingness to pay, which may include a review of past payment history, an evaluation of the borrower's willingness to provide information on a timely basis and consideration of offers from the borrower to provide additional collateral or guarantor support. The credit evaluation also reflects consideration of the adequacy of collateral to cover all principal and interest and trends indicating improving profitability and collectability of receivables. Nonperforming assets include nonaccrual loans and leases and foreclosed property. Foreclosed property consists of real estate and other assets acquired as a result of loan defaults. BancShares classifies all non-PCI loans and leases as past due when the payment of principal and interest based upon contractual terms is greater than 30 days delinquent. Generally, commercial loans are placed on nonaccrual status when principal or interest becomes 90 days past due or when it is probable that principal or interest is not fully collectible, whichever occurs first. Once a loan is placed on nonaccrual status it is evaluated for impairment and a charge-off is recorded in the amount of the impairment if the loss is deemed confirmed. Consumer loans are subject to mandatory charge-off at a specified delinquency date consistent with regulatory guidelines. Generally, when loans and leases are placed on nonaccrual status all previously uncollected accrued interest is reversed from interest income. All payments received thereafter are applied as a reduction of the remaining principal balance as long as concern exists as to the ultimate collection of the principal. Loans and leases, including TDRs, are generally removed from nonaccrual status when they become current as to both principal and interest, the borrower has demonstrated a sustained period of repayment performance for a reasonable period, generally a minimum of six months, and concern no longer exists as to the collectability of principal and interest. Other real estate owned (OREO) acquired as a result of foreclosure is carried at net realizable value (NRV). NRV equals fair value less estimated selling costs. Any excess of recorded investment in the loan over NRV at the time of foreclosure is booked against the allowance for loan and lease losses as a charge-off. Any excess in NRV over recorded investment in the loan at the time of foreclosure is recorded as a recovery of prior charge-off, if any, up to the amount of prior charge-off with excess recorded as an offset to foreclosure-related expense. OREO is subject to at least annual periodic revaluations of the underlying collateral. The periodic revaluations are generally based on the appraised value of the property and may include additional adjustments based upon management's review of the valuation and specific knowledge of the OREO. Routine maintenance costs, subsequent declines in market value and net losses on disposal are included in foreclosure-related expense. Gains and losses resulting from the sale or write down of OREO and income and expenses related to its operation are also recorded in foreclosure-related expense. Covered Assets and Receivable from FDIC for Shared-Loss Agreements Assets subject to shared-loss agreements with the FDIC include certain loans and leases and OREO. These shared-loss agreements afford BancShares significant protection as they cover realized losses on certain loans and other assets purchased from the FDIC during the time period specified in the agreements. Realized losses covered include loan contractual balances, accrued interest on loans for up to 90 days, the book value of foreclosed real estate acquired and certain direct costs, less cash or other consideration received by BancShares. The FDIC receivable is recorded at fair value at the acquisition date of the indemnified assets and is measured on the same basis as the underlying loans, subject to collectability and/or contractual limitations. The fair value of the shared-loss agreements on the acquisition date reflects the discounted reimbursements expected to be received from the FDIC, using an appropriate discount rate, which is based on the market rate for a similar term security at the time of the acquisition adjusted for additional risk premium. The shared-loss agreements continue to be valued on the same basis as the related indemnified assets. Because the PCI loans are subject to the accounting prescribed by ASC 310-30, subsequent changes to the basis of the shared-loss agreements also follow that model. Deterioration in the credit quality of the loans, which is immediately recorded as an adjustment to the allowance for loan and lease losses, would immediately increase the FDIC receivable, with the offset recorded through the Consolidated Statements of Income in other noninterest income. Improvements in the credit quality or cash flows of loans, which is reflected as an adjustment to yield and accreted into income over the remaining life of the loans, decrease the FDIC receivable, with such decrease being amortized into income over (1) the same period as the underlying loans or (2) the life of the shared-loss agreements, whichever is shorter. Loss assumptions used in the basis of the indemnified loans are consistent with the loss assumptions used to measure the indemnification asset. Discounts and premiums reflecting the estimated timing of expected reimbursements are accreted into income over the life of the shared-loss agreements. Upon evaluation of certain characteristics, circumstances, nature and remaining term associated with and balance of indemnification assets, management may determine different subsequent accounting treatment to be appropriate. Collection and other servicing costs related to loans covered under FDIC shared-loss agreements are charged to noninterest expense as incurred. A receivable from the FDIC is recorded for the estimated amount of such expenses that are expected to be reimbursed and results in an increase to noninterest income. The estimated amount of such reimbursements is determined by several factors including the existence of loan participation agreements with other financial institutions, the presence of partial guarantees from the Small Business Administration (SBA) and whether a reimbursable loss has been recorded on the loan for which collection and servicing costs have been incurred. Future adjustments to the receivable from the FDIC may be necessary as additional information becomes available related to the amount of previously recorded collection and other servicing costs that will actually be reimbursed by the FDIC and the probable timing of such reimbursements. Payable to the FDIC for Shared-Loss Agreements The purchase and assumption agreements for certain FDIC-assisted transactions include payments that may be owed to the FDIC at the termination of the shared-loss agreements. The payment is due to the FDIC if actual cumulative losses on acquired covered assets are lower than the cumulative losses originally estimated by the FDIC at the time of acquisition. The liability is calculated by discounting estimated future payments and is reported in the Consolidated Balance Sheets as an FDIC shared-loss payable. The ultimate settlement amount of the payment is dependent upon the performance of the underlying covered loans, recoveries, the passage of time and actual claims submitted to the FDIC. Allowance for Loan and Lease Losses (ALLL) The ALLL represents management's best estimate of probable credit losses within the loan and lease portfolio at the balance sheet date. Management determines the ALLL based on an ongoing evaluation. This evaluation is inherently subjective because it requires material estimates, including the amount and timing of cash flows expected to be received on PCI loans. Those estimates are susceptible to significant change. Adjustments to the ALLL are recorded with a corresponding entry to provision for loan and lease losses. Loan and lease balances deemed to be uncollectible are charged-off against the ALLL. Recoveries of amounts previously charged-off are generally credited to the ALLL. Accounting standards require the presentation of certain information at the portfolio segment level, which represents the level at which the company has developed and documents a systematic methodology to determine its ALLL. BancShares evaluates its loan and lease portfolio using three portfolio segments; non-PCI commercial, non-PCI noncommercial and PCI. The non-PCI commercial segment includes commercial construction and land development, commercial mortgage, commercial and industrial, lease financing and other commercial real estate loans and the related ALLL is calculated based on a risk-based approach as reflected in credit risk grades assigned to individual loans. The non-PCI noncommercial segment includes noncommercial construction and land development, residential mortgage, revolving mortgage and consumer loans and the related ALLL is determined using a delinquency-based approach. BancShares' methodology for calculating the ALLL includes estimating a general allowance for pools of unimpaired loans and specific allocations for significant individual impaired loans for non-PCI loans. It also includes establishing an ALLL for PCI loans that have deteriorated since acquisition. The general allowance is based on historical net loan loss experience for homogeneous groups of loans based mostly on loan type then aggregated on the basis of similar risk characteristics and performance trends. This allowance estimate contains qualitative components that allow management to adjust reserves based on historical loan loss experience for changes in the economic environment, portfolio trends and other factors. The methodology also considers the remaining discounts recognized upon acquisition associated with purchased non-impaired loans in estimating a general allowance. The specific allowance component is determined when management believes that the collectability of an individually reviewed loan has been impaired and a loss is probable. A primary component of determining the general allowance for performing and classified loans not analyzed specifically is the actual loss history of the various classes. Loan loss factors based on historical experience may be adjusted for significant factors that, in management's judgment, affect the collectability of the portfolio at the balance sheet date. For non-PCI commercial loans and leases, management incorporates historical net loss data to develop the applicable loan loss factors by utilizing information that considers the class of the commercial loan and associated risk rating. For the non-PCI noncommercial segment, management incorporates specific loan class and delinquency status trends into the loan loss factors. Loan loss factors may be adjusted quarterly based on changes in the level of historical net charge-offs and updates by management, such as the number of periods included in the calculation of loss factors, loss severity and portfolio attrition. The qualitative framework used in estimating the general allowance considers economic conditions, composition of the loan portfolio, trends in delinquent and nonperforming loans, historical loss experience by categories of loans, concentrations of credit, changes in lending policies and underwriting standards, regulatory exam results and other factors indicative of inherent losses remaining in the portfolio. Management may adjust the ALLL calculated based on historical loan loss factors by the factors in the qualitative framework to address environmental factors not reflected in the historical experience. These adjustments are specific to the loan class level. In accordance with our allowance methodology, certain loan loss factors related to the quantitative component of the ALLL and reserve factors related to the qualitative component of the ALLL were updated in 2016. This methodology update resulted in no material net impact to the ALLL. The ALLL for PCI loans is estimated based on the expected cash flows approach. Over the life of PCI loans, BancShares continues to estimate cash flows expected to be collected on individual loans or pools of loans sharing common risk characteristics. BancShares evaluates at each balance sheet date whether the estimated cash flows and corresponding present value of its loans and leases determined using their effective interest rates has decreased and if so, recognizes provision for loan and lease losses. For any increases in cash flows expected to be collected, BancShares adjusts any prior recorded allowance for loan and lease losses first and then the amount of accretable yield recognized on a prospective basis over the loan's or pool's remaining life. Specific allocations are made for larger, individual impaired loans. All impaired loans are reviewed for potential impairment on a quarterly basis. Specific valuation allowances are established or partial charge-offs are recorded on impaired loans for the difference between the recorded investment in the loan and the estimated fair value. The fair value of impaired loans is based on the present value of expected cash flows, market prices of the loans, if available, or the value of the underlying collateral. Expected cash flows are discounted at the loans' effective interest rates. Management continuously monitors and actively manages the credit quality of the entire loan portfolio and adjusts the ALLL to an appropriate level. By assessing the probable estimated incurred losses in the loan portfolio on a quarterly basis, management is able to adjust specific and general loss estimates based upon the most recent information available. Future adjustments to the ALLL may be necessary based on changes in economic and other conditions. Additionally, various regulatory agencies, as an integral part of their examination process, periodically review BancShares' ALLL. Such agencies may require the recognition of adjustments to the ALLL based on their judgments of information available to them at the time of their examination. Management considers the established ALLL adequate to absorb probable losses that relate to loans and leases outstanding as of December 31, 2016. Each portfolio segment and the classes within those segments are subject to risks that could have an adverse impact on the credit quality of the loan and lease portfolio and the related ALLL. Management has identified the most significant risks as described below that are generally similar among the segments and classes. While the list is not exhaustive, it provides a description of the risks management has determined are the most significant. Non-PCI Commercial Loans and Leases Non-PCI commercial loans or leases, excluding purchased non-impaired loans, purchased leases and certain purchased revolving credit, are centrally underwritten based primarily upon the customer's ability to generate the required cash flow to service the debt in accordance with the contractual terms and conditions of the loan agreement. A complete understanding of the borrower's business, including the experience and background of the principals, is obtained prior to approval. To the extent that the loan or lease is secured by collateral, which is true for the majority of commercial loans and leases, the likely value of the collateral and what level of strength the collateral brings to the transaction is evaluated. To the extent that the principals or other parties provide personal guarantees, the relative financial strength and liquidity of each guarantor is assessed. The significant majority of relationships in the non-PCI commercial segment are assigned credit risk grades based upon an assessment of conditions that affect the borrower's ability to meet contractual obligations under the loan agreement. This process includes reviewing the borrowers' financial information, payment history, credit documentation, public information and other information specific to each borrower. Credit risk grades are reviewed annually, or at any point management becomes aware of information affecting the borrowers' ability to fulfill their obligations. Our credit risk grading standards are described in Note D. The impairment assessment and determination of the related specific reserve for each impaired loan is based on the loan's characteristics. Impairment measurement for loans that are not collateral dependent and are paying principal and interest based upon contractual terms is based on the present value of expected cash flows discounted at the loan's effective interest rate. Specific valuation allowances are established or partial charge-offs are recorded for the difference between the recorded investment in the loan and the estimated fair value for originated loans. Specific valuation allowances for purchased non-impaired loans are established or partial charge-offs are recorded for the difference between the loan amount and the estimated fair value with consideration for the remaining discounts recognized upon acquisition. Impairment measurement for most real estate loans, particularly when a loan is considered to be a probable foreclosure, is based on the fair value of the underlying collateral. Collateral is appraised and market value, appropriately adjusted for an assessment of the sales and marketing costs are used to calculate an anticipated fair value. General reserves for collective impairment are based on estimated incurred losses related to unimpaired commercial loans and leases as of the balance sheet date. Incurred loss estimates for the originated commercial segment are based on average loss rates by credit risk ratings, which are estimated using historical loss experience and credit risk rating migrations. Incurred loss estimates may be adjusted through a qualitative assessment to reflect current economic conditions and portfolio trends including credit quality, concentrations, aging of the portfolio and significant policy and underwriting changes. Common risks to each class of commercial loans include general economic conditions within the markets BancShares serves, as well as risks that are specific to each transaction including demand for products and services, personal events, such as disability or change in marital status and reductions in the value of collateral. Due to the concentration of loans in the medical, dental and related fields, BancShares is susceptible to risks that governmental actions will materially alter the medical care industry in the United States. In addition to these common risks for the majority of the non-PCI commercial segment, additional risks are inherent in certain classes of non-PCI commercial loans and leases. Commercial construction and land development Commercial construction and land development loans are highly dependent on the supply and demand for commercial real estate in the markets served by BancShares as well as the demand for newly constructed residential homes and lots that customers are developing. Deterioration in demand could result in decreases in collateral values and could make repayment of the outstanding loans more difficult for customers. Commercial mortgage, commercial and industrial and lease financing Commercial mortgage loans, commercial and industrial loans and lease financing are primarily dependent on the ability of borrowers to achieve business results consistent with those projected at loan origination resulting in cash flow sufficient to service the debt. To the extent that a customer's business results are significantly unfavorable versus the original projections, the ability for the loan to be serviced on a basis consistent with the contractual terms may be at risk. While these loans and leases are generally secured by real property, personal property or business assets such as inventory or accounts receivable, it is possible that the liquidation of the collateral will not fully satisfy the obligation. Other commercial real estate Other commercial real estate loans consist primarily of loans secured by multifamily housing and agricultural loans. The primary risk associated with multifamily loans is the ability of the income-producing property that collateralizes the loan to produce adequate cash flow to service the debt. High unemployment or generally weak economic conditions may result in customers having to provide rental rate concessions to achieve adequate occupancy rates. The performance of agricultural loans is highly dependent on favorable weather, reasonable costs for seed and fertilizer and the ability to successfully market the product at a profitable margin. The demand for these products is also dependent on macroeconomic conditions that are beyond the control of the borrower. Non-PCI Noncommercial Loans and Leases Non-PCI noncommercial loans, excluding purchased non-impaired loans and certain purchased revolving credit, are centrally underwritten using automated credit scoring and analysis tools. These credit scoring tools take into account factors such as payment history, credit utilization, length of credit history, types of credit currently in use and recent credit inquiries. To the extent that the loan is secured by collateral, the likely value of that collateral is evaluated. The ALLL for the non-PCI noncommercial segment is primarily calculated on a pooled basis using a delinquency-based approach. Estimates of incurred losses are based on historical loss experience and the migration of receivables through the various delinquency pools applied to the current risk mix. These estimates may be adjusted through a qualitative assessment to reflect current economic conditions, portfolio trends and other factors. The remaining portion of the ALLL related to the non-PCI noncommercial segment results from loans that are deemed impaired. The impairment assessment and determination of the related specific reserve for each impaired loan is based on the loan's characteristics. Impairment measurement for loans that are not collateral dependent and are paying principal and interest based upon contractual terms is based on the present value of expected cash flows discounted at the loan's effective interest rate. Specific valuation allowances are established or partial charge-offs are recorded for the difference between the recorded investment in the loan and the estimated fair value for originated non-PCI loans. Specific valuation allowances for purchased non-impaired loans are established or partial charge-offs are recorded for the difference between the recorded investment in the loan and the estimated fair value with consideration for the remaining discounts recognized upon acquisition. Impairment measurement for most real estate loans, particularly when a loan is considered to be a probable foreclosure, is based on the fair value of the underlying collateral. Collateral is appraised and market value, appropriately adjusted for an assessment of the sales and marketing costs are used to calculate an anticipated fair value. Common risks to each class of noncommercial loans include risks that are not specific to individual transactions such as general economic conditions within the markets BancShares serves, particularly unemployment and potential declines in real estate values. Personal events such as disability or change in marital status also add risk to noncommercial loans. In addition to these common risks for the majority of noncommercial loans, additional risks are inherent in certain classes of noncommercial loans. Revolving mortgage Revolving mortgage loans are often secured by second liens on residential real estate, thereby making such loans particularly susceptible to declining collateral values. A substantial decline in collateral value could render a second lien position to be effectively unsecured. Additional risks include lien perfection inaccuracies, disputes with first lienholders and uncertainty regarding the customer's performance with respect to the first lien that may further weaken the collateral position. Further, the open-end structure of these loans creates the risk that customers may draw on the lines in excess of the collateral value if there have been significant declines since origination. Consumer The consumer loan portfolio includes loans secured by personal property such as automobiles, marketable securities, other titled recreational vehicles including boats and motorcycles, as well as unsecured consumer debt and student loans. The value of underlying collateral within this class is especially volatile due to potential rapid depreciation in values since date of loan origination, potentially in excess of principal balances. Residential mortgage and noncommercial construction and land development Residential mortgage and noncommercial construction and land development loans are made to individuals and are typically secured by 1-4 family residential property, undeveloped land and partially developed land in anticipation of pending construction of a personal residence. Significant and rapid declines in real estate values can result in residential mortgage loan borrowers having debt levels in excess of the current market value of the collateral. Noncommercial construction and land development projects can experience delays in completion and cost overruns that exceed the borrower's financial ability to complete the project. Such cost overruns can routinely result in foreclosure of partially completed and unmarketable collateral. PCI Loans The risks associated with PCI loans are generally consistent with the risks identified for commercial and noncommercial non-PCI loans and leases and the classes of loans within those segments. However, these loans were underwritten by other institutions, often with weaker lending standards. Additionally, in some cases, collateral for PCI loans is located in regions that have experienced erosion of real estate values. Therefore, there exists a significant risk that PCI loans are not adequately supported by borrower cash flow or the values of underlying collateral. The ALLL for PCI loans is estimated based on the expected cash flows approach. Over the life of PCI loans, BancShares continues to estimate cash flows expected to be collected on individual loans or pools of loans sharing common risk characteristics. BancShares evaluates at each balance sheet date whether the estimated cash flows and corresponding present value of its loans and leases determined using their effective interest rates has decreased and if so, recognizes provision for loan and lease losses. For any increases in cash flows expected to be collected, BancShares adjusts any prior recorded allowance for loan and lease losses first and then the amount of accretable yield recognized on a prospective basis over the loan's or pool's remaining life. Reserve for Unfunded Commitments The reserve for unfunded commitments represents the estimated probable losses related to letters of credit. The reserve is calculated in a manner similar to the loans evaluated collectively for impairment, while also considering the applicable regulatory capital credit conversion factors for these off-balance sheet instruments as well as the exposure upon default. The reserve for unfunded commitments is presented within other liabilities on the Consolidated Balance Sheets, distinct from the ALLL, and adjustments to the reserve for unfunded commitments are included in other noninterest expense in the Consolidated Statements of Income. The reserve for unfunded commitments was not material at December 31, 2016 or 2015. Premises and Equipment Premises, equipment and capital leases are stated at cost less accumulated depreciation and amortization. For financial reporting purposes, depreciation and amortization are computed using the straight-line method and are expensed over the estimated useful lives of the assets, which range from 7 to 40 years for premises and 3 to 10 years for furniture, software and equipment. Leasehold improvements are amortized over the terms of the respective leases, including renewal period if renewal period is reasonably assured (often through the presence of a bargain renewal option), or the useful lives of the improvements, whichever is shorter. Gains and losses on dispositions are recorded in other noninterest expense. Maintenance and repairs are charged to occupancy expense or equipment expense as incurred. Obligations under capital leases are amortized over the life of the lease using the effective interest method to allocate payments between principal and interest. Rent expense and rental income on operating leases are recorded in noninterest expense and noninterest income, respectively, using the straight-line method over the appropriate lease terms. Goodwill and Other Intangible Assets BancShares accounts for acquisitions using the acquisition method of accounting. Under acquisition accounting, if the purchase price of an acquired company exceeds the fair value of its net assets, the excess is carried on the acquirer's balance sheet as goodwill. An intangible asset is recognized as an asset apart from goodwill if it arises from contractual or other legal rights or if it is capable of being separated or divided from the acquired entity and sold, transferred, licensed, rented or exchanged. Intangible assets that are separately identifiable assets, such as core deposit intangibles, resulting from acquisitions are amortized on an accelerated basis over an estimated useful life and evaluated for impairment whenever events or changes in circumstances indicate the carrying amount of the assets may not be recoverable. Goodwill is not amortized, but is evaluated at least annually for impairment or more frequently if events occur or circumstances change that may trigger a decline in the value of the reporting unit or otherwise indicate that a potential impairment exists. Examples of such events or circumstances include deterioration of general economic conditions, limitations on accessing capital, other equity and credit market developments, adverse change(s) in the environment in which BancShares operates, regulatory or political developments and changes in management, key personnel, strategy or customers. The evaluation of goodwill is based on a variety of factors, including common stock trading multiples and data from comparable acquisitions. Potential impairment of goodwill exists when the carrying amount of a reporting unit exceeds its fair value. In accordance with ASC 350, Intangibles - Goodwill and Other, the fair value for the reporting unit is computed using various methods including market capitalization, price-earnings multiples, price-to-tangible book and market premium. To the extent the reporting unit's carrying amount exceeds its fair value, an indication exists that the reporting unit's goodwill may be impaired, which would require the second step of impairment testing to be performed. In the second step, the implied fair value of the reporting unit's goodwill is determined by allocating the reporting unit's fair value to all of its assets (recognized and unrecognized) and liabilities as if the reporting unit had been acquired in a business combination at the date of the impairment test. If the implied fair value of the reporting unit's goodwill is lower than its carrying amount, goodwill is impaired and is written down to the implied fair value. The loss recognized is limited to the carrying amount of goodwill. Once an impairment loss is recognized, future increases in fair value will not result in the reversal of previously recognized losses. Annual impairment tests are conducted as of July 31 each year. Based on the July 31, 2016 and 2015, impairment tests, management concluded there was no indication of goodwill impairment. In addition to the annual testing requirement, impairment tests are performed if various other events occur that may trigger a decline in value including significant adverse changes in the business climate, considering various qualitative and quantitative factors to determine whether impairment exists. As the stock market experienced volatility after the annual impairment test, management monitored the volatility and determined it did not indicate an impairment test triggering event. Additionally, there have been no other such events subsequent to the annual impairment test performed during 2016. Mortgage servicing rights (MSRs) are recognized separately when they are retained as loans are sold or acquired through acquisition. When mortgage loans are sold, servicing rights are initially recorded at fair value and gains on sale of loans are recorded within mortgage income in the Consolidated Statements of Income. All classes of servicing assets are subsequently measured using the amortization method which requires servicing rights to be amortized against mortgage income in noninterest income in proportion to, and over the period of, the estimated future net servicing income of the underlying loans with the offset being a reduction in the cost basis of the servicing asset. MSRs are evaluated for impairment quarterly based upon the fair value of the rights as compared to carrying amount. Impairment is determined by stratifying rights into groupings based on predominant risk characteristics and is recorded as a reduction of mortgage income in the Consolidated Statements of Income. If BancShares later determines that all or a portion of the impairment no longer exists for a particular grouping, a reduction of the valuation reserve may be recorded as an increase to mortgage income in the Consolidated Statements of Income, but only to the extent of previous impairment recognized. Other intangible assets with estimable lives are amortized over their estimated useful lives, which are periodically reviewed for reasonableness. Identifiable intangible assets represent the estimated value of the core deposits acquired and certain customer relationships. Securities Sold Under Repurchase Agreements Securities sold under repurchase agreements generally have maturities of one day and are reflected as short-term borrowings on the Consolidated Balance Sheets and are recorded based on the amount of cash received in connection with the borrowing. At December 31, 2016 and 2015, BancShares had $590.8 million and $592.2 million of securities sold under repurchase agreements included as short-term borrowings on the Consolidated Balance Sheets, respectively. Fair Values Fair value disclosures are required for all financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate that value. Under GAAP, individual fair value estimates are ranked on a three-tier scale based on the relative reliability of the inputs used in the valuation. Fair values determined using level 1 inputs rely on active and observable markets to price identical assets or liabilities. In situations where identical assets and liabilities are not traded in active markets, fair values may be determined based on level 2 inputs, which represent observable data for similar assets and liabilities. Fair values for assets and liabilities that are not actively traded in observable markets are based on level 3 inputs, which are considered to be nonobservable. Fair value estimates derived from level 3 inputs cannot be substantiated by comparison to independent markets and, in many cases, cannot be realized through immediate settlement of the instrument. Accordingly, the aggregate fair value amounts presented do not necessarily represent the underlying value to BancShares. For additional information, see Note M. Income Taxes Deferred income taxes are reported when different accounting methods have been used in determining income for income tax purposes and for financial reporting purposes. Deferred taxes are computed using the asset and liability approach as prescribed in ASC 740, Income Taxes. Under this method, a deferred tax asset or liability is determined based on the currently enacted tax rates applicable to the period in which the differences between the financial statement carrying amounts and tax basis of existing assets and liabilities are expected to be reported in BancShares' income tax returns. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date. BancShares continually monitors and evaluates the potential impact of current events on the estimates used to establish income tax expenses and income tax liabilities. On a periodic basis, BancShares evaluates its income tax positions based on current tax law, positions taken by various tax auditors within the jurisdictions that BancShares is required to file income tax returns, as well as potential or pending audits or assessments by such tax auditors. BancShares has unrecognized tax benefits related to the uncertain portion of tax positions that BancShares has taken or expects to take. A liability may be created or an amount refundable may be reduced for the amount of unrecognized tax benefits. These uncertainties result from the application of complex tax laws, rules, regulations and interpretations, primarily in state taxing jurisdictions. Unrecognized tax benefits are assessed quarterly and may be adjusted through current income tax expense in future periods based on changing facts and circumstances, completion of examinations by taxing authorities or expiration of a statute of limitations. Estimated penalties and interest on uncertain tax positions are recognized in income tax expense. BancShares files a consolidated federal income tax return and various combined and separate company state tax returns. Derivative Financial Instruments A derivative is a financial instrument that derives its cash flows, and therefore its value, by reference to an underlying instrument, index or referenced interest rate. These instruments include interest rate swaps, caps, floors, collars, options or other financial instruments designed to hedge exposures to interest rate risk or for speculative purposes. BancShares selectively uses interest rate swaps for interest rate risk management purposes. BancShares had an interest rate swap, entered into during 2011, that qualified as a cash flow hedge under GAAP and converted variable-rate exposure on outstanding debt to a fixed rate. BancShares' interest rate swap agreement expired in June 2016. At December 31, 2015, the fair value of the outstanding derivative was included in other liabilities in the Consolidated Balance Sheets and the net change in fair value was included in the net change in other liabilities on the Consolidated Statements of Cash Flows. BancShares’ interest rate swap was fully effective since inception; therefore, changes in the fair value of the interest rate swap had no impact on net income. There were no speculative derivative financial instruments in any period presented. Per Share Data Net income per share has been computed by dividing net income by the average number of both classes of common shares outstanding during each period. BancShares had no potential common stock outstanding in any period. Cash dividends per share apply to both Class A and Class B common stock. Shares of Class A common stock carry one vote per share, while shares of Class B common stock carry 16 votes per share. Defined Benefit Pension Plan BancShares maintains noncontributory defined benefit pension plans covering certain qualifying employees. The calculation of the obligations and related expenses under the plans require the use of actuarial valuation methods and assumptions. Actuarial assumptions used in the determination of future values of plan assets and liabilities are subject to management judgment and may differ significantly if different assumptions are used. The discount rate assumption used to measure the plan obligations is based on a yield curve developed from high-quality corporate bonds across a full maturity spectrum. The projected cash flows of the pension plans are discounted based on this yield curve, and a single discount rate is calculated to achieve the same present value. The assumed rate of future compensation increases is reviewed annually based on actual experience and future salary expectations. We also estimate a long-term rate of return on pension plan assets that is used to estimate the future value of plan assets. We consider such factors as the actual return earned on plan assets, historical returns on the various asset classes in the plans and projections of future returns on various asset classes. Refer to Note N for disclosures related to BancShares' defined benefit pension plans. Recently Adopted Accounting Pronouncements Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments This ASU eliminates the requirement to retrospectively account for adjustments made to provisional amounts recognized in a business combination and requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts must be calculated as if the accounting had been completed at the acquisition date. The amendments in this ASU are effective for public business entities for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. The amendments in this ASU should be applied prospectively to adjustments to provisional amounts that occur after the effective date of this ASU with earlier application permitted for financial statements that have not been issued. We adopted the guidance effective in the first quarter of 2016. During the third quarter of 2016, adjustments were made to the acquisition fair value for the FDIC-assisted acquisition of FCSB. The adjustments were primarily based upon updated collateral valuations, resulting in an increase of $837 thousand to the gain on acquisition. These adjustments brought the total gain on the transaction to $3.0 million and are included in noninterest income in the Consolidated Statements of Income. During the second quarter of 2016, adjustments were made to the acquisition fair values for the FDIC-assisted acquisition of NMSB, primarily based upon updated collateral valuations, resulting in an increase of $1.2 million to the gain on acquisition. These adjustments brought the total gain on the transaction to $2.9 million and are included in noninterest income in the Consolidated Statements of Income. FASB ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis This ASU improves targeted areas of consolidation guidance for reporting organizations that are required to evaluate whether they should consolidate certain legal entities. In addition to reducing the number of consolidation models from four to two, the new standard places more emphasis on risk of loss when determining a controlling financial interest, reducing the frequency of the application of related-party guidance when determining a controlling financial interest in a variable interest entity (VIE), and changing consolidation conclusions for public and private companies in several industries that typically make use of limited partnerships or VIEs. The amendments in this ASU are effective for fiscal years beginning after December 15, 2015 for public business entities, including interim periods within those fiscal years. We adopted the guidance effective in the first quarter of 2016. We evaluated our investments in partnerships and limited liability entities under the new guidance and concluded that not consolidating was still appropriate and did not have an impact on our consolidated financial position or consolidated results of operations. Recently Issued Accounting Pronouncements FASB ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash The amendments in this ASU require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. This ASU does not provide a definition of restricted cash or restricted cash equivalents. This ASU is effective for fiscal years beginning after December 15, 2017 for public business entities, including interim periods within those fiscal years. BancShares does not anticipate any affect on our Consolidated Statements of Cash Flows. FASB ASU 2016-17, Consolidation (Topic 810): Interests Held Through Related Parties That Are under Common Control This ASU does not change the characteristics of a primary beneficiary in current GAAP; however, it requires that a reporting entity, in determining whether it satisfies the second characteristic of a primary beneficiary, to include all of its direct variable interests in a VIE and, on a proportionate basis, its indirect variable interests in a VIE held through related parties, including related parties that are under common control with the reporting entity. If, after performing that assessment, a reporting entity that is the single decision maker of a VIE concludes that it does not have the characteristics of a primary beneficiary, the amendments continue to require that reporting entity to evaluate whether it and one or more of its related parties under common control, as a group, have the characteristics of a primary beneficiary, then the party within the related party group that is most closely associated with the VIE is the primary beneficiary. The amendments in this ASU are effective for public business entities for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. We will adopt the guidance during the first quarter of 2017. BancShares does not anticipate any effect on our consolidated financial position or consolidated results of operations as a result of adoption. FASB ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory This ASU states that an entity should recognize the income tax consequences of an intra-entity transfer of an asset other than inventory, such as intellectual property or property, plant and equipment, when the transfer occurs. This ASU does not change GAAP for an intra-entity transfer of inventory. Current GAAP prohibits the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party. The amendments in this ASU are effective for pubic business entities for fiscal years beginning after December 15, 2017, including interim reporting periods within those annual reporting periods, and should be applied on a modified retrospective basis. The adoption of this standard is not expected to have a significant impact on our consolidated financial position or results of operation and we will adopt the guidance during the first quarter of 2018. FASB ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments This ASU addresses the diversity in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The amendments in this ASU provide guidance on (1) debt prepayment or debt extinguishment costs; (2) settlement of zero-coupon debt instruments; (3) contingent consideration payments made after a business combination; (4) proceeds from the settlement of insurance claims; (5) proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies; (6) distributions received from equity method investees; (7) beneficial interests in securitization transactions; and (8) separately identifiable cash flows and application of the predominance principle. The amendments in this ASU are effective for public business entities for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. The guidance requires application using a retrospective transition method. We will adopt the guidance during the first quarter of 2018. The adoption of this standard is not expected to have a significant impact on our Consolidated Statements of Cash Flows. FASB ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments This ASU eliminates the delayed recognition of the full amount of credit losses until the loss was probable of occurring and instead will reflect an entity's current estimate of all expected credit losses. The amendments in this ASU broaden the information that an entity must consider in developing its expected credit loss estimate for assets measured either collectively or individually. The ASU does not specify a method for measuring expected credit losses and allows an entity to apply methods that reasonably reflect its expectations of the credit loss estimate based on the entity's size, complexity and risk profile. In addition, the disclosures of credit quality indicators in relation to the amortized cost of financing receivables, a current disclosure requirement, are further disaggregated by year of origination. The amendments in this ASU are effective for public business entities for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2018. We will adopt the guidance by the first quarter of 2020 with a cumulative-effect adjustment to retained earnings as of the beginning of the year of adoption. We are currently evaluating the impact the new standard will have on our consolidated financial statements. Upon adoption, our allowance for loan and lease losses will be impacted by the loan portfolio composition and quality at the adoption date as well as economic conditions and forecasts at that time. FASB ASU 2016-07, Investments—Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting This ASU eliminates the requirement that when an investment qualifies for use of the equity method as a result of an increase in the level of ownership interest or degree of influence, an investor must adjust the investment, results of operations, and retained earnings retroactively on a step-by-step basis as if the equity method had been in effect during all previous periods that the investment had been held. The ASU requires that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor's previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. Therefore, upon qualifying for the equity method of accounting, no retroactive adjustment of the investment is required. Further, the ASU requires that an entity that has an available-for-sale equity security that becomes qualified for the equity method of accounting recognize through earnings, the unrealized gain or loss in accumulated other comprehensive income at the date the investment becomes qualified for use of the equity method. The amendments in this ASU are effective for all entities for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted. We will adopt the guidance during the first quarter of 2017. BancShares does not anticipate any effect on our consolidated financial position or consolidated results of operations as a result of adoption. FASB ASU 2016-02, Leases (Topic 842) This ASU increases transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The key difference between existing standards and this ASU is the requirement for lessees to recognize on their balance sheet all lease contracts. An entity may make an accounting election by classification to not recognize leases with terms less than 12 months on their balance sheet. Both a right-of-use asset, representing the right to use the leased asset, and a lease liability, representing the contractual obligation, are required to be recognized on the balance sheet of the lessee at lease commencement. Further, this ASU requires lessees to classify leases as either operating or finance leases, which are substantially similar to the current operating and capital leases classifications. The distinction between these two classifications under the new standard does not relate to balance sheet treatment, but relates to treatment in the statements of income and cash flows. Lessor guidance remains largely unchanged with the exception of how a lessor determines the appropriate lease classification for each lease to better align the lessor guidance with revised lessee classification guidance. The amendments in this ASU are effective for public business entities for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. We will adopt during the first quarter of 2019. While we are currently evaluating the impact of the new standard, we expect an increase to the Consolidated Balance Sheets for right-of-use assets and associated lease liabilities, as well as resulting depreciation expense of the right-of-use assets and interest expense of the lease liabilities in the Consolidated Statements of Income, for arrangements previously accounted for as operating leases. FASB ASU 2016-01, Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities This ASU addresses certain aspects of recognition, measurement, presentation and disclosure of certain financial instruments. The amendments in this ASU (1) require equity investments to be measured at fair value with changes in fair value recognized in net income; (2) simplify the impairment assessment of equity investments without a readily determinable fair value; (3) eliminate the requirement to disclose the method(s) and significant assumptions used to estimate the fair value for financial instruments measured at amortized cost on the balance sheet; (4) require public business entities to use exit price notion, rather than entry prices, when measuring fair value of financial instruments for disclosure purposes; (5) require separate presentation of financial assets and financial liabilities by measurement category and form of financial assets on the balance sheet or the accompanying notes to the financial statements; (6) require separate presentation in other comprehensive income of the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the organization has elected to measure the liability at fair value in accordance with the fair value option for financial instruments; and (7) state that a valuation allowance on deferred tax assets related to available-for-sale securities should be evaluated in combination with other deferred tax assets. The amendments in this ASU are effective for public business entities for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The ASU only permits early adoption of the instrument-specific credit risk provision. We will adopt during the first quarter of 2018 with a cumulative-effect adjustment from AOCI to retained earnings as of the beginning of the year of adoption. We are currently evaluating the impact the new standard will have on our consolidated financial statements. The cumulative-effect adjustment will be impacted by the equity securities portfolio composition and valuation at the date of adoption. FASB ASU 2014-09, Revenue from Contracts with Customers (Topic 606) In May 2014, the FASB issued a standard on the recognition of revenue from contracts with customers with the core principle being for companies to recognize revenue to depict the transfer of goods or services to customers in amounts that reflect the consideration to which the company expects to be entitled in exchange for those goods or services. The new standard also results in enhanced disclosures about revenue, provides guidance for transactions that were not previously addressed comprehensively and improves guidance for multiple-element arrangements. In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations, to improve the operability and understandability of the implementation guidance on principal versus agent considerations. In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing, to clarify guidance for identifying performance obligations and licensing implementation. In May 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients, to clarify and improve the guidance for certain aspects of Topic 606. Per ASU 2015-14, Deferral of the Effective Date, this guidance was deferred and is effective for fiscal periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Early adoption is permitted for fiscal periods beginning after December 15, 2016. Our revenue is comprised of net interest income on financial assets and liabilities, which is explicitly excluded from the scope of the new guidance, and noninterest income. We continue to evaluate the impact of the new standard on our noninterest income and on our presentation and disclosures. We expect to adopt the ASU during the first quarter of 2018 with a cumulative-effect adjustment to opening retained earnings and the modified retrospective approach will likely be used. |
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Business Combinations | BUSINESS COMBINATIONS Cordia Bancorp, Inc. On September 1, 2016, FCB completed the merger of Cordia and its subsidiary, BVA, into FCB. Under the terms of the merger agreement, cash consideration of $5.15 was paid to Cordia’s shareholders for each of their shares of Cordia’s common stock, with total consideration paid of $37.1 million. The merger allowed FCB to strengthen its presence in the greater Richmond, Virginia area as Cordia operated six BVA branches in Richmond, Midlothian, Chesterfield, Colonial Heights and Chester, Virginia. The Cordia transaction was accounted for under the acquisition method of accounting and, accordingly, assets acquired and liabilities assumed were recorded at their estimated fair values on the acquisition date. Fair values are preliminary and subject to refinement for up to one year after the closing date of the acquisition as additional information regarding closing date fair values becomes available. The fair value of assets acquired was $349.3 million, including $241.4 million in loans and $2.2 million of identifiable intangible assets. Liabilities assumed were $323.1 million, including $292.2 million in deposits. As a result of the transaction, FCB recorded $10.8 million of goodwill. The amount of goodwill recorded represents the excess purchase price over the estimated fair value of the net assets acquired. This premium paid reflects the increased market share and related synergies that are expected to result from the acquisition. None of the goodwill is deductible for income tax purposes as the merger is accounted for as a qualified stock purchase. The following table provides the purchase price as of the acquisition date and the identifiable assets acquired and liabilities assumed at their estimated fair values.
Merger-related expenses of $3.8 million were recorded in the Consolidated Statements of Income for the year ended December 31, 2016. Loan-related interest income generated from Cordia was approximately $4.2 million since the acquisition date for the year ended December 31, 2016. The transaction is not considered material to BancShares' financial statements and therefore pro forma financial data is not included. Due to the immaterial amount of loans resulting from the Cordia transaction that had evidence of credit quality deterioration, all loans were accounted for as non-PCI loans under ASC 310-20. First CornerStone Bank On May 6, 2016, FCB entered into an agreement with the FDIC, as Receiver, to purchase certain assets and assume certain liabilities of FCSB of King of Prussia, Pennsylvania. The acquisition provided FCB the opportunity to grow capital and enhance earnings. The FCSB transaction was accounted for under the acquisition method of accounting and, accordingly, assets acquired and liabilities assumed were recorded at their estimated fair values on the acquisition date. Fair values are preliminary and subject to refinement for up to one year after the closing date of the acquisition as additional information regarding closing date fair values becomes available. The fair value of the assets acquired was $87.4 million, including $43.8 million in loans and $390 thousand of identifiable intangible assets. Liabilities assumed were $96.9 million of which the majority were deposits. During the third quarter of 2016, adjustments were made to the acquisition fair values primarily based upon updated collateral valuations resulting in an increase of $837 thousand to the gain on acquisition. These adjustments brought the total gain on the transaction to $3.0 million which is included in noninterest income in the Consolidated Statements of Income. The following table provides the identifiable assets acquired and liabilities assumed at their estimated fair values as of the acquisition date.
Merger-related expenses of $1.0 million were recorded in the Consolidated Statement of Income for the year ended December 31, 2016. Loan-related interest income generated from FCSB was approximately $1.6 million since the acquisition date for the year ended December 31, 2016. The transaction is not considered material to BancShares' financial statements and therefore pro forma financial data is not included. All loans resulting from the FCSB transaction were recorded at the acquisition date with a discount attributable, at least in part, to credit quality, and are therefore accounted for as PCI loans under ASC 310-30. North Milwaukee State Bank On March 11, 2016, FCB entered into an agreement with the FDIC, as Receiver, to purchase certain assets and assume certain liabilities of NMSB with two branches in Milwaukee, Wisconsin. The acquisition provided FCB with the opportunity to grow capital and enhance earnings. The NMSB transaction was accounted for under the acquisition method of accounting and, accordingly, assets acquired and liabilities assumed were recorded at their estimated fair values on the acquisition date. Fair values are preliminary and subject to refinement for up to one year after the closing date of the acquisition as additional information regarding closing date fair values becomes available. The fair value of the assets acquired was $53.6 million, including $36.9 million in loans and $240 thousand of identifiable intangible assets. Liabilities assumed were $60.9 million of which $59.2 million were deposits. During the second quarter of 2016, adjustments were made to the acquisition fair values primarily based upon updated collateral valuations resulting in an increase of $1.2 million to the gain on acquisition. These adjustments brought the total gain on the transaction to $2.9 million which is included in noninterest income in the Consolidated Statements of Income. The following table provides the identifiable assets acquired and liabilities assumed at their estimated fair values as of the acquisition date.
Merger-related expenses of $517 thousand from the NMSB transaction were recorded in the Consolidated Statements of Income for the year ended December 31, 2016. Loan-related interest income generated from NMSB was approximately $1.9 million since the acquisition date for the year ended December 31, 2016. The transaction is not considered material to BancShares' financial statements and therefore pro forma financial data is not included. All loans resulting from the NMSB transaction were recorded at the acquisition date with a discount attributable, at least in part, to credit quality, and are therefore accounted for as PCI loans under ASC 310-30. Capitol City Bank & Trust Company On February 13, 2015, FCB entered into an agreement with the FDIC, as Receiver, to purchase certain assets and assume certain liabilities of CCBT. The CCBT transaction was accounted for under the acquisition method of accounting and, accordingly, assets acquired and liabilities assumed were recorded at their estimated fair values on the acquisition date. These fair values were subject to refinement for up to one year after the closing date of the acquisition. The measurement period ended on February 12, 2016. The fair value of the assets acquired was $211.9 million, including $154.5 million in loans and $690 thousand of identifiable intangible assets. Liabilities assumed were $272.5 million of which $266.4 million were deposits. The fair value of the net liabilities assumed was $60.6 million and cash received from the FDIC was $103.5 million. The total gain on the transaction was $42.9 million which is included in noninterest income in the Consolidated Statement of Income. The total after-tax impact of the gain was $26.4 million. Merger-related expenses of $1.9 million were recorded in the Consolidated Statement of Income for the year ended December 31, 2015. Loan-related interest income generated from CCBT was approximately $8.3 million for the year ended December 31, 2015. The transaction is not considered material to BancShares' financial statements and therefore pro forma financial data is not included. All loans resulting from the CCBT transaction were recorded at the acquisition date with a discount attributable, at least in part, to credit quality, and are therefore accounted for as PCI loans under ASC 310-30. |
Investments |
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Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments | INVESTMENTS The amortized cost and fair value of investment securities classified as available for sale and held to maturity at December 31, 2016 and 2015, were as follows:
Investments in mortgage-backed securities primarily represent securities issued by the Government National Mortgage Association, Federal National Mortgage Association and Federal Home Loan Mortgage Corporation. Investments in equity securities and corporate bonds represent positions in securities of other financial institutions. The following table provides the amortized cost and fair value by contractual maturity. Expected maturities will differ from contractual maturities on certain securities because borrowers and issuers may have the right to call or prepay obligations with or without prepayment penalties. Repayments of mortgage-backed securities are dependent on the repayments of the underlying loan balances. Equity securities do not have a stated maturity date.
For each period presented, securities gains (losses) include the following:
The following table provides information regarding securities with unrealized losses as of December 31, 2016 and 2015:
Investment securities with an aggregate fair value of $362.4 million have had continuous unrealized losses for more than 12 months as of December 31, 2016 with an aggregate unrealized loss of $4.7 million. As of December 31, 2016, all 51 of these investments are government sponsored enterprise-issued mortgage-backed securities. None of the unrealized losses identified as of December 31, 2016 or December 31, 2015 relate to the marketability of the securities or the issuer’s ability to honor redemption obligations. For all periods presented, BancShares had the ability and intent to retain these securities for a period of time sufficient to recover all unrealized losses. Therefore, none of the securities were deemed to be other than temporarily impaired. Investment securities having an aggregate carrying value of $4.55 billion at December 31, 2016 and $4.73 billion at December 31, 2015 were pledged as collateral to secure public funds on deposit and certain short-term borrowings, and for other purposes as required by law. |
Loans and Leases |
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Loans and Leases Receivable Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and Leases | LOANS AND LEASES BancShares' accounting methods for loans and leases differ depending on whether they are purchased credit-impaired (PCI) or non-PCI. Non-PCI loans include originated commercial, originated noncommercial, purchased non-impaired loans and certain purchased revolving credit. For purchased non-impaired loans to be included as non-PCI, it must be determined that the loans do not have a discount due, at least in part, to credit quality at the time of acquisition. Conversely, loans for which it is probable at acquisition that all required payments will not be collected in accordance with contractual terms are considered PCI loans. PCI loans are evaluated at acquisition and where a discount is required at least in part due to credit quality, the non-revolving loans are accounted for under the guidance in ASC Topic 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality. See Note A for additional information on PCI and non-PCI loans and leases. BancShares reports PCI and non-PCI loan portfolios separately, and each portfolio is further divided into commercial and non-commercial based on the type of borrower, purpose, collateral, and/or our underlying credit management processes. Additionally, loans are assigned to loan classes, which further disaggregate loans based upon common risk characteristics. Commercial – Commercial loans include construction and land development, commercial mortgage, other commercial real estate, commercial and industrial, lease financing and other. Construction and land development – Construction and land development consists of loans to finance land for development, investment, and use in a commercial business enterprise; multifamily apartments; and other commercial buildings that may be owner-occupied or income generating investments for the owner. Commercial mortgage – Commercial mortgage consists of loans to purchase or refinance owner-occupied nonresidential and investment properties. Investment properties include office buildings and other facilities that are rented or leased to unrelated parties. Other commercial real estate – Other commercial real estate consists of loans secured by farmland (including residential farms and other improvements) and multifamily (5 or more) residential properties. Commercial and industrial – Commercial and industrial consists of loans or lines of credit to finance corporate credit cards, accounts receivable, inventory and other general business purposes. Lease financing – Lease financing consists solely of lease financing agreements for business equipment, vehicles and other assets. Other – Other consists of all other commercial loans not classified in one of the preceding classes. These typically include loans to non-profit organizations such as churches, hospitals, educational and charitable organizations. Noncommercial – Noncommercial consist of residential and revolving mortgage, construction and land development, and consumer loans. Residential mortgage – Residential real estate consists of loans to purchase, construct or refinance the borrower's primary dwelling, second residence or vacation home. Revolving mortgage – Revolving mortgage consists of home equity lines of credit that are secured by first or second liens on the borrower's primary residence. Construction and land development – Construction and land development consists of loans to construct the borrower's primary or secondary residence or vacant land upon which the owner intends to construct a dwelling at a future date. Consumer – Consumer loans consist of installment loans to finance purchases of vehicles, unsecured home improvements, student loans and revolving lines of credit that can be secured or unsecured, including personal credit cards. Loans and leases outstanding include the following at December 31, 2016 and 2015:
At December 31, 2016, $84.8 million in total loans were covered under shared-loss agreements, compared to $272.6 million at December 31, 2015. The decline was primarily due to the expiration and termination of certain shared-loss agreements during the year. At December 31, 2016, $8.26 billion in noncovered loans with a lendable collateral value of $5.50 billion were used to secure $660.2 million in FHLB of Atlanta advances, resulting in additional borrowing capacity of $4.84 billion. At December 31, 2015, $8.58 billion in noncovered loans with a lendable collateral value of $6.08 billion were used to secure $510.3 million in FHLB of Atlanta advances, resulting additional borrowing capacity of $5.57 billion. To mitigate interest rate risk and credit risk, we sold residential mortgage loans not originated for sale totaling $77.7 million in 2016, resulting in a gain of $3.8 million. We sold residential mortgage not originated for sale totaling $45.9 million at par in 2015. The unamortized discount related to purchased non-PCI loans and leases acquired in the Cordia transaction was $4.2 million at December 31, 2016. The unamortized discount related to purchased non-PCI loans and leases acquired in the First Citizens Bancorporation, Inc. (Bancorporation) merger was $27.4 million and $41.1 million at December 31, 2016 and December 31, 2015, respectively. During the years ended December 31, 2016 and December 31, 2015, accretion income on non-PCI loans and leases was $14.3 million and $18.7 million, respectively. Loans and leases to borrowers in medical, dental or related fields were $4.66 billion as of December 31, 2016, which represents 21.5 percent of total loans and leases, compared to $4.28 billion or 21.2 percent of total loans and leases at December 31, 2015. The credit risk of this industry concentration is mitigated through our underwriting policies that emphasize reliance on adequate borrower cash flow rather than underlying collateral value and our preference for financing secured by owner-occupied real property. Except for this single concentration, no other industry represented more than 10 percent of total loans and leases outstanding at December 31, 2016. Credit quality indicators Loans and leases are monitored for credit quality on a recurring basis. The credit quality indicators used are dependent on the portfolio segment to which the loan relates. Commercial and noncommercial loans and leases have different credit quality indicators as a result of the unique characteristics of the loan segment being evaluated. The credit quality indicators for non-PCI and PCI commercial loans and leases are developed through a review of individual borrowers on an ongoing basis. Each commercial loan is evaluated annually with more frequent evaluation of more severely criticized loans or leases. The credit quality indicators for PCI and non-PCI noncommercial loans are based on the delinquency status of the borrower. As the borrower becomes more delinquent, the likelihood of loss increases. The indicators represent the rating for loans or leases as of the date presented based on the most recent assessment performed. These credit quality indicators are defined as follows: Pass – A pass rated asset is not adversely classified because it does not display any of the characteristics for adverse classification. Special mention – A special mention asset has potential weaknesses that deserve management’s close attention. If left uncorrected, such potential weaknesses may result in deterioration of the repayment prospects or collateral position at some future date. Special mention assets are not adversely classified and do not warrant adverse classification. Substandard – A substandard asset is inadequately protected by the current net worth and paying capacity of the borrower or of the collateral pledged, if any. Assets classified as substandard generally have a well-defined weakness, or weaknesses, that jeopardize the liquidation of the debt. These assets are characterized by the distinct possibility of loss if the deficiencies are not corrected. Doubtful – An asset classified as doubtful has all the weaknesses inherent in an asset classified substandard with the added characteristic that the weaknesses make collection or liquidation in full highly questionable and improbable on the basis of currently existing facts, conditions and values. Loss – Assets classified as loss are considered uncollectible and of such little value that it is inappropriate to be carried as an asset. This classification is not necessarily equivalent to any potential for recovery or salvage value, but rather that it is not appropriate to defer a full charge-off even though partial recovery may be affected in the future. Ungraded – Ungraded loans represent loans that are not included in the individual credit grading process due to their relatively small balances or borrower type. The majority of ungraded loans at December 31, 2016 and December 31, 2015 relate to business credit cards. Business credit card loans are subject to automatic charge-off when they become 120 days past due in the same manner as unsecured consumer lines of credit. The remaining balance is comprised of a small amount of commercial mortgage, lease financing and other commercial real estate loans. The composition of the loans and leases outstanding at December 31, 2016, and December 31, 2015, by credit quality indicator is provided below:
The aging of the outstanding non-PCI loans and leases, by class, at December 31, 2016, and December 31, 2015 is provided in the table below. The calculation of days past due begins on the day after payment is due and includes all days through which all required interest or principal has not been paid. Loans and leases 30 days or less past due are considered current as various grace periods that allow borrowers to make payments within a stated period after the due date and still remain in compliance with the loan agreement.
The recorded investment, by class, in loans and leases on nonaccrual status, and loans and leases greater than 90 days past due and still accruing at December 31, 2016 and December 31, 2015 for non-PCI loans, were as follows:
Purchased credit-impaired (PCI) loans The following table relates to PCI loans acquired in the NMSB and FCSB acquisitions for 2016 and the CCBT acquisition for 2015. The table summarizes the contractually required payments, which include principal and interest, expected cash flows to be collected, and the fair value of PCI loans at the respective acquisition dates.
The recorded fair values of PCI loans acquired in the NMSB, FCSB and CCBT transactions as of their respective acquisition date were as follows:
The following table provides changes in the carrying value of PCI loans during the years ended December 31, 2016 and 2015:
The carrying value of loans on the cost recovery method was $498 thousand at December 31, 2016, and $5.3 million at December 31, 2015. The cost recovery method is applied to loans when the timing of future cash flows is not reasonably estimable due to borrower nonperformance or uncertainty in the ultimate disposition of the asset. The recorded investment of PCI loans on nonaccrual status was $3.5 million and $7.6 million at December 31, 2016 and December 31, 2015, respectively. For PCI loans, improved credit loss expectations generally result in the reclassification of nonaccretable difference to accretable yield. Changes in expected cash flows not related to credit improvements or deterioration do not affect the nonaccretable difference. The following table documents changes to the amount of accretable yield for 2016 and 2015.
Purchased non-PCI loans and leases The following table relates to purchased non-PCI loans and leases acquired in the Cordia transaction during 2016 and provides the contractually required payments, estimate of contractual cash flows not expected to be collected and fair value of the acquired loans at the acquisition date.
The recorded fair values of purchased non-PCI loans and leases acquired in the Cordia transaction as of the acquisition date are as follows:
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Allowance for Loan and Lease Losses |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Loan and Lease Losses | The following tables provide information on non-PCI impaired loans and leases, exclusive of loans and leases evaluated collectively as a homogeneous group, including interest income recognized in the period during which the loans and leases were considered impaired.
The following tables show the average non-PCI impaired loan balance and the interest income recognized by loan class for the years ended December 31, 2016, 2015 and 2014:
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Premises and Equipment |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Premises and Equipment | PREMISES AND EQUIPMENT Major classifications of premises and equipment at December 31, 2016 and 2015 are summarized as follows:
There were no premises pledged to secure borrowings at December 31, 2016 and 2015. BancShares leases certain premises and equipment under various lease agreements that provide for payment of property taxes, insurance and maintenance costs. Operating leases frequently provide for one or more renewal options on the same basis as current rental terms. However, certain leases require increased rentals under cost of living escalation clauses. Some leases also provide purchase options. Future minimum rental commitments for noncancellable operating leases with initial or remaining terms of one or more years consisted of the following at December 31, 2016:
Total rent expense for all operating leases amounted to $13.0 million in 2016, $13.8 million in 2015 and $18.5 million in 2014, net of rent income, which was $6.5 million, $6.4 million and $2.7 million during 2016, 2015 and 2014, respectively. |
Other Real Estate Owned |
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Banking and Thrift [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Real Estate Owned | OTHER REAL ESTATE OWNED (OREO) The following table explains changes in other real estate owned during 2016 and 2015.
(1) Transfers include OREO balances associated with expired or terminated shared-loss agreements. At December 31, 2016 and December 31, 2015, BancShares had $15.0 million and $16.1 million, respectively, of foreclosed residential real estate property in OREO. The recorded investment in consumer mortgage loans collateralized by residential real estate property in the process of foreclosure totaled $21.8 million and $15.6 million at December 31, 2016 and December 31, 2015, respectively. |
Receivable from FDIC for Loss Share Agreements |
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FDIC Loss Share Receivable [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivable from FDIC for Loss Share Agreements | FDIC SHARED-LOSS RECEIVABLE AND PAYABLE BancShares completed six FDIC-assisted transactions with shared-loss agreements during the period beginning 2009 through 2011. Prior to its merger into BancShares, First Citizens Bancorporation, Inc. (Bancorporation) completed three FDIC-assisted transactions with shared-loss agreements: Georgian Bank (acquired in 2009); Williamsburg First National Bank (acquired in 2010); and Atlantic Bank & Trust (acquired in 2011). During 2016, FCB entered into an agreement with the FDIC to terminate five of FCB's nine shared-loss agreements, including Temecula Valley Bank (TVB), Sun American Bank (SAB), Williamsburg First National Bank (WFNB), Atlantic Bank & Trust (ABT) and Colorado Capital Bank (CCB). Under the terms of the agreement, FCB made a net payment of $20.1 million to the FDIC as consideration for early termination of the shared-loss agreements. Also, FCB wrote-off $1.5 million of the FDIC shared-loss receivable and released $18.2 million of the FDIC shared-loss payable associated with the terminated agreements. As a result, FCB recognized a $3.4 million loss on the termination of the shared-loss agreements. The early termination agreement eliminated FCB's FDIC shared-loss payable for SAB and CCB. The remaining FDIC shared-loss payable balance at December 31, 2016 was $97.0 million. In conjunction with the early termination, FCB adjusted the FDIC shared-loss payable under the two remaining shared-loss agreements with clawback provisions and released other related reserves. The clawback liabilities were adjusted in order to conform to the methodology used to determine the net termination payment. The adjustment to the clawback liabilities is accounted for by management as a change in estimate. The total one-time pre-tax benefit of these adjustments was $20.0 million. The resulting positive net impact to pre-tax earnings from the early termination of the FDIC shared-loss agreements was $16.6 million during 2016. See Note U for further information related to FCB's payable to the FDIC for shared-loss agreements. As of December 31, 2016, shared-loss protection has expired or has been terminated for all non-single family residential loans. Shared-loss protection remains only for single family residential loans acquired from UWB, VB and GB in the amount of $84.8 million. The following table provides changes in the receivable from the FDIC for the years ended December 31, 2016, 2015 and 2014:
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Deposits |
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Deposits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | DEPOSITS Deposits at December 31 are summarized as follows:
Time deposits with a denomination of $250,000 or more were $519.7 million and $590.6 million at December 31, 2016 and 2015, respectively. At December 31, 2016, the scheduled maturities of time deposits were:
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Short-Term Borrowings |
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Short-term Debt [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term Borrowings | SHORT-TERM BORROWINGS Short-term borrowings at December 31 are as follows:
At December 31, 2016, BancShares had unused credit lines allowing contingent access to overnight borrowings of up to $715.0 million on an unsecured basis. Additionally, under borrowing arrangements with the Federal Home Loan Bank of Atlanta, BancShares has access to an additional $4.84 billion on a secured basis. |
Repurchase Agreements |
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Repurchase Agreements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase Agreements, Resale Agreements, Securities Borrowed, and Securities Loaned Disclosure [Text Block] | NOTE K REPURCHASE AGREEMENTS BancShares utilizes securities sold under agreements to repurchase to facilitate the needs of our customers and secure short-term funding needs. Repurchase agreements are transactions whereby BancShares offers to sell to a counterparty an undivided interest in an eligible security at an agreed upon purchase price, and which obligates BancShares to repurchase the security on an agreed upon date at an agreed upon repurchase price plus interest at an agreed upon rate. Securities sold under agreements to repurchase are recorded at the amount of cash received in connection with the transaction and are generally reflected as short-term borrowings on the Consolidated Balance Sheets. BancShares monitors collateral levels on a continuous basis and maintain records of each transaction specifically describing the applicable security and the counterparty’s fractional interest in that security, and segregates the security from general assets in accordance with regulations governing custodial holdings of securities. The primary risk with our repurchase agreements is market risk associated with the investments securing the transactions, as additional collateral may be required based on fair value changes of the underlying investments. Securities pledged as collateral under repurchase agreements are maintained with safekeeping agents. The carrying value of available for sale investment securities pledged as collateral under repurchase agreements was $690.8 million and $722.0 million at December 31, 2016 and December 31, 2015, respectively. The remaining contractual maturity of the securities sold under agreements to repurchase by class of collateral pledged included in the Consolidated Balance Sheets as of December 31, 2016 and December 31, 2015 is presented in the following tables.
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Long-Term Obligations |
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Long-term Obligations | LONG-TERM OBLIGATIONS Long-term obligations at December 31 include:
At December 31, 2016, long-term obligations included $125.3 million in junior subordinated debentures representing obligations to FCB/NC Capital Trust III, FCB/SC Capital Trust II, and SCB Capital Trust I, special purpose entities and grantor trusts for $121.5 million of trust preferred securities. FCB/NC Capital Trust III, FCB/SC Capital Trust II and SCB Capital Trust I's (the Trusts) trust preferred securities mature in 2036, 2034 and 2034, respectively, and may be redeemed at par in whole or in part at any time. BancShares has guaranteed all obligations of the Trusts. Long-term obligations maturing in each of the five years subsequent to December 31, 2016 and thereafter include:
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Estimated Fair Values |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated Fair Values | ESTIMATED FAIR VALUES Fair value estimates are intended to represent the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. Where there is no active market for a financial instrument, BancShares has made estimates using discounted cash flows or other valuation techniques. Inputs to these valuation methods are subjective in nature, involve uncertainties and require significant judgment and therefore cannot be determined with precision. Accordingly, the derived fair value estimates presented below are not necessarily indicative of the amounts BancShares could realize in a current market exchange. ASC 820, Fair Value Measurements and Disclosures, indicates that assets and liabilities are recorded at fair value according to a fair value hierarchy comprised of three levels. The levels are based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. The level within the fair value hierarchy for an asset or liability is based on the highest level of input that is significant to the fair value measurement (with Level 1 considered highest and Level 3 considered lowest). A brief description of each level follows:
Valuation adjustments, such as those pertaining to counterparty and BancShares' own credit quality and liquidity, may be necessary to ensure that assets and liabilities are recorded at fair value. Credit valuation adjustments are made when market pricing does not accurately reflect the counterparty's credit quality. As determined by BancShares management, liquidity valuation adjustments may be made to the fair value of certain assets to reflect the uncertainty in the pricing and trading of the instruments when recent market transactions for identical or similar instruments are not observed. BancShares' management reviews any changes to its valuation methodologies to ensure they are appropriate and justified, and refines valuation methodologies as more market-based data becomes available. Transfers between levels of the fair value hierarchy are recognized at the end of the reporting period. The methodologies used to estimate the fair value of financial assets and financial liabilities are discussed below: Investment securities available for sale. U.S. Treasury, government agency, mortgage-backed securities, municipal securities, corporate bonds and trust preferred securities are generally measured at fair value using a third party pricing service or recent comparable market transactions in similar or identical securities and are classified as Level 2 instruments. Equity securities are measured at fair value using observable closing prices and the valuation also considers the amount of market activity by examining the trade volume of each security. Equity securities are classified as Level 1 if they are traded on a heavily active market and as Level 2 if the observable closing price is from a less than active market. Loans held for sale. Certain residential real estate loans are originated to be sold to investors, which are carried at fair value as BancShares elected the fair value option on loans held for sale. The fair value is based on quoted market prices for similar types of loans. Accordingly, the inputs used to calculate fair value of residential real estate loans held for sale are classified as Level 2 inputs. Net loans and leases (PCI and Non-PCI). Fair value is estimated based on discounted future cash flows using the current interest rates at which loans with similar terms would be made to borrowers of similar credit quality. An additional valuation adjustment is made for liquidity. The inputs used in the fair value measurements for loans and leases are considered Level 3 inputs. FHLB stock. The carrying amount of FHLB stock is a reasonable estimate of fair value as these securities are not readily marketable and are evaluated for impairment based on the ultimate recoverability of the par value. BancShares considers positive and negative evidence, including the profitability and asset quality of the issuer, dividend payment history and recent redemption experience, when determining the ultimate recoverability of the par value. BancShares believes its investment in FHLB stock is ultimately recoverable at par. The inputs used in the fair value measurement for the FHLB stock are considered Level 2 inputs. Mortgage servicing rights. Mortgage servicing rights are carried at the lower of amortized cost or market and are, therefore, carried at fair value only when fair value is less than the asset cost. The fair value of mortgage servicing rights is performed using a pooling methodology. Similar loans are pooled together and a model that relies on discount rates, estimates of prepayment rates and the weighted average cost to service the loans is used to determine the fair value. The inputs used in the fair value measurement for mortgage servicing rights are considered Level 3 inputs. Deposits. For non-time deposits, carrying value is a reasonable estimate of fair value. The fair value of time deposits is estimated by discounting future cash flows using the interest rates currently offered for deposits of similar remaining maturities. The inputs used in the fair value measurement for deposits are considered Level 2 inputs. Long-term obligations. For fixed rate junior subordinated debentures, the fair values are determined based on recent trades of the actual security if available. For other long-term obligations, fair values are estimated by discounting future cash flows using current interest rates for similar financial instruments. The inputs used in the fair value measurement for long-term obligations are considered Level 2 inputs. FDIC shared-loss payable. The fair value of the payable to the FDIC for shared-loss agreements is determined by the projected cash flows based on expected payments to the FDIC in accordance with the shared-loss agreements. Cash flows are discounted using current discount rates to reflect the timing of the estimated amounts due to the FDIC. The inputs used in the fair value measurement for the payable to the FDIC are considered Level 3 inputs. Interest rate swap. Under the terms of the previous cash flow hedge, BancShares paid a fixed payment to the counterparty in exchange for receipt of a variable payment that is determined based on the three-month LIBOR rate. The fair value of the cash flow hedge was, therefore, based on projected LIBOR rates for the duration of the hedge, values that, while observable in the market, were subject to adjustment due to pricing considerations for the specific instrument. The interest rate swap agreement expired in June 2016. The inputs used in the fair value measurement of the interest rate swap were considered Level 2 inputs. Off-balance-sheet commitments and contingencies. Carrying amounts are reasonable estimates of the fair values for such financial instruments. Carrying amounts include unamortized fee income and, in some cases, reserves for any credit losses from those financial instruments. These amounts are not material to BancShares' financial position. For all other financial assets and financial liabilities, the carrying value is a reasonable estimate of the fair value as of December 31, 2016 and December 31, 2015. The carrying value and fair value for these assets and liabilities are equivalent because they are relatively short term in nature and there is no interest rate or credit risk that would cause the fair value to differ from the carrying value. Cash and due from banks is classified on the fair value hierarchy as Level 1. Overnight investments, income earned not collected, short-term borrowings and accrued interest payable are considered Level 2. Lastly, the receivable from the FDIC for shared-loss agreements is designated as Level 3.
(1) The interest rate swap agreement expired in June 2016. Among BancShares’ assets and liabilities, investment securities available for sale, loans held for sale and interest rate swaps accounted for as cash flow hedges are reported at their fair values on a recurring basis. For assets and liabilities carried at fair value on a recurring basis, the following table provides fair value information as of December 31, 2016 and December 31, 2015.
There were no transfers between levels during the years ended December 31, 2016 and 2015. Fair Value Option BancShares has elected the fair value option for residential real estate loans held for sale. This election reduces certain timing differences in the Consolidated Statements of Income and better aligns with the management of the portfolio from a business perspective. The following table summarizes the difference between the aggregate fair value and the aggregate unpaid principal balance for residential real estate loans held for sale measured at fair value as of December 31, 2016 and 2015.
No loans held for sale were 90 or more days past due or on nonaccrual status as of December 31, 2016 and 2015. The changes in fair value for residential real estate loans held for sale for which we elected the fair value option are included in the table below for the years ended December 31, 2016 and 2015.
The changes in fair value in the table above are recorded as a component of mortgage income on the Consolidated Statements of Income. Certain other assets are adjusted to their fair value on a nonrecurring basis, including impaired loans, OREO, goodwill, which is periodically tested for impairment, and mortgage servicing rights, which are carried at the lower of amortized cost or market. Non-impaired loans held for investment, deposits, short-term borrowings and long-term obligations are not reported at fair value. Impaired loans are deemed to be at fair value if an associated allowance or current period charge-off has been recorded. The value of impaired loans is determined by either collateral valuations or discounted present value of the expected cash flow calculations. Collateral values are determined using appraisals or other third-party value estimates of the subject property with discounts generally between 8 and 12 percent applied for estimated holding and selling costs and other external factors that may impact the marketability of the property. Expected cash flows are determined using expected payment information at the individual loan level, discounted using the effective interest rate. The effective interest rate generally ranges between 2 and 16 percent. OREO is measured and reported at fair value using asset valuations. Asset values are determined using appraisals or other third-party value estimates of the subject property with discounts generally between 8 and 12 percent applied for estimated holding and selling costs and other external factors that may impact the marketability of the property. Changes to the value of the assets between scheduled valuation dates are monitored through continued communication with brokers and monthly reviews by the asset manager assigned to each asset. If there are any significant changes in the market or the subject property, valuations are adjusted or new appraisals ordered to ensure the reported values reflect the most current information. OREO that has been acquired or written down in the current year is deemed to be at fair value and included in the table below. Mortgage servicing rights are carried at the lower of cost or market and are, therefore, carried at fair value only when fair value is less than the amortized asset cost. The fair value of mortgage servicing rights is performed using a pooling methodology. Similar loans are pooled together and a discounted cash flow model, which takes into consideration discount rates, prepayment rates, and the weighted average cost to service the loans, are used to determine the fair value. For financial assets and liabilities carried at fair value on a nonrecurring basis, the following table provides fair value information as of December 31, 2016 and December 31, 2015.
No financial liabilities were carried at fair value on a nonrecurring basis as of December 31, 2016 and December 31, 2015. |
Employee Benefit Plans |
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General Discussion of Pension and Other Postretirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Benefit Plans | EMPLOYEE BENEFIT PLANS FCB sponsors benefit plans for its qualifying employees and former First Citizens Bancorporation, Inc. employees (legacy Bancorporation) including noncontributory defined benefit pension plans, a 401(k) savings plan and an enhanced 401(k) savings plan. These plans are qualified under the Internal Revenue Code. FCB also maintains agreements with certain executives that provide supplemental benefits that are paid upon death or separation from service at an agreed-upon age. Defined Benefit Pension Plans Employees who were hired prior to April 1, 2007 and qualified under length of service and other requirements are covered by a noncontributory defined benefit pension plan (BancShares Plan). The BancShares plan was closed to new participants as of April 1, 2007. Retirement benefits are based on years of service and highest annual compensation for five consecutive years during the last ten years of employment. Covered employees fully vested in the BancShares Plan after five years of service. FCB makes contributions to the pension plan in amounts between the minimum required for funding and the maximum amount deductible for federal income tax purposes. Discretionary contributions of $50.0 million and $30.0 million were made to the BancShares Plan during 2016 and 2015, respectively. No contributions are anticipated for 2017. Certain legacy Bancorporation employees who qualified under length of service and other requirements are covered by a noncontributory defined benefit pension plan (Bancorporation Plan). The Bancorporation plan was closed to new participants as of September 1, 2007. Retirement benefits are based on years of service and highest average annual compensation for five consecutive years during the last ten years of employment. Covered employees fully vested in the Bancorporation Plan after five years of service. FCB makes contributions to the Bancorporation Plan in amounts between the minimum required for funding and the maximum amount deductible for federal income tax purposes. No contributions were made to the Bancorporation Plan for 2016 and 2015 and none are anticipated for 2017. Obligations and Funded Status BancShares Plan The following table provides the changes in benefit obligation and plan assets and the funded status of the plan at December 31, 2016 and 2015.
The amounts recognized in the consolidated balance sheets at December 31, 2016 and 2015 consist of:
The following table details the amounts recognized in accumulated other comprehensive income at December 31, 2016 and 2015.
The following table provides expected amortization amounts for 2017.
The accumulated benefit obligation for the plan at December 31, 2016 and 2015 was $587.3 million and $533.1 million, respectively. The BancShares Plan uses a measurement date of December 31. The projected benefit obligation exceeded the fair value of plan assets as of December 31, 2016 and 2015. The fair value of plan assets exceeded the accumulated benefit obligation as of December 31, 2016 and 2015. The following table shows the components of periodic benefit cost related to the pension plan and changes in plan assets and benefit obligations recognized in other comprehensive income for the years ended December 31, 2016, 2015 and 2014.
The assumptions used to determine the benefit obligations at December 31, 2016 and 2015 are as follows:
The assumptions used to determine the net periodic benefit cost for the years ended December 31, 2016, 2015 and 2014, are as follows:
The estimated discount rate, which represents the interest rate that could be obtained for a suitable investment used to fund the benefit obligations, is based on a yield curve developed from high-quality corporate bonds across a full maturity spectrum. The projected cash flows of the pension plan are discounted based on this yield curve and a single discount rate is calculated to achieve the same present value. The weighted average expected long-term rate of return on BancShares Plan assets represents the average rate of return expected to be earned on BancShares Plan assets over the period the benefits included in the benefit obligation are to be paid. In developing the expected rate of return, historical and current returns, as well as investment allocation strategies, on BancShares Plan assets are considered. Bancorporation Plan The following table provides the changes in benefit obligation and plan assets and the funded status of the plan at December 31, 2016 and 2015.
During 2015, there were plan curtailments of $2.1 million related to a decrease in the number of employees covered by the Bancorporation plan. The amounts recognized in the consolidated balance sheets at December 31, 2016 and 2015 consist of:
The following table details the amounts recognized in accumulated other comprehensive income at December 31, 2016 and 2015.
The following table provides expected amortization amounts for 2017.
The accumulated benefit obligation for the plan at December 31, 2016 and 2015 was $143.7 million and $131.9 million, respectively. The Bancorporation Plan uses a measurement date of December 31. The projected benefit obligation exceeded the fair value of plan assets as of December 31, 2016 whereas the fair value of plan assets exceeded the projected benefit obligation as of December 31, 2015. The fair value of plan assets exceeded the accumulated benefit obligation as of December 31, 2016 and 2015. The following table shows the components of periodic benefit cost related to the pension plan and changes in plan assets and benefit obligations recognized in other comprehensive income for the years ended December 31, 2016 and 2015. For 2014, the table only includes amounts after the October 1 acquisition of Bancorporation.
The assumptions used to determine the benefit obligations at December 31, 2016 and 2015 are as follows:
The assumptions used to determine the net periodic benefit cost for the years ended December 31, 2016, 2015 and 2014 are as follows:
The estimated discount rate, which represents the interest rate that could be obtained for a suitable investment used to fund the benefit obligations, is based on a yield curve developed from high-quality corporate bonds across a full maturity spectrum. The projected cash flows of the pension plan are discounted based on this yield curve and a single discount rate is calculated to achieve the same present value. The weighted average expected long-term rate of return on Bancorporation Plan assets represents the average rate of return expected to be earned on Bancorporation Plan assets over the period the benefits included in the benefit obligation are to be paid. In developing the expected rate of return, historical and current returns, as well as investment allocation strategies, on Bancorporation Plan assets are considered. Plan Assets For the BancShares Plan and Bancorporation Plan, our primary total return objective is to achieve returns that, over the long term, will fund retirement liabilities and provide for the desired plan benefits in a manner that satisfies the fiduciary requirements of the Employee Retirement Income Security Act. The plan assets have a long-term time horizon that runs concurrent with the average life expectancy of the participants. As such, the Plans can assume a time horizon that extends well beyond a full market cycle and can assume a reasonable level of risk. It is expected, however, that both professional investment management and sufficient portfolio diversification will smooth volatility and help to generate a reasonable consistency of return. The investments are broadly diversified across global, economic and market risk factors in an attempt to reduce volatility and target multiple return sources. Within approved guidelines and restrictions, the investment manager has discretion over the timing and selection of individual investments. Plan assets are currently held by FCB Trust Department. BancShares Plan The fair values of pension plan assets at December 31, 2016 and 2015, by asset class are as follows:
Cash and equivalents comprise approximately 10 percent of BancShares actual plan assets at December 31, 2016, exceeding the target allocation range due to the $50.0 million contribution to the plan in December 2016. Bancorporation Plan
(1) For 2015, the investment policy for the Bancorporation Plan established an asset allocation whereby fixed income securities including cash and cash equivalents should comprise no less than 35 percent of Bancorporation Plan assets and whereby equity securities should not exceed 60 percent of Bancorporation Plan assets. Because the investment policy granted a 10 percent market value variance within the Bancorporation Plan when assessing overall asset allocation percentage, equity securities can comprise up to 70 percent of Bancorporation Plan assets before action is required. Alternative investments may also comprise up to 5 percent of the Bancorporation Plan assets. Cash Flows Following are estimated payments to pension plan participants in the indicated periods for each plan:
401(k) Savings Plans Effective January 1, 2015, FCB merged the legacy Bancorporation 401(k) savings plan and enhanced 401(k) savings plan into the existing BancShares 401(k) savings plan and enhanced 401(k) savings plan. Participation in and terms of the FCB 401(k) plan and enhanced 401(k) plan did not change as a result of the mergers. Certain employees enrolled in the defined benefit plan are also eligible to participate in a 401(k) savings plan through deferral of portions of their salary. For employees who participate in the 401(k) savings plan who also continue to accrue additional years of service under the defined benefit plan, FCB makes a makes a matching contribution equal to 100 percent of the first 3 percent and 50 percent of the next 3 percent of the participant's deferral up to and including a maximum contribution of 4.5 percent of the participant's eligible compensation. The matching contribution immediately vests. At the end of 2007, current employees were given the option to continue to accrue additional years of service under the defined benefit plan or to elect to join an enhanced 401(k) savings plan. Under the enhanced 401(k) savings plan, FCB matches up to 100 percent of the participant's deferrals not to exceed 6 percent of the participant's eligible compensation. The matching contribution immediately vests. In addition to the employer match of the employee contributions, the enhanced 401(k) savings plan provides a guaranteed contribution equal to 3 percent of the compensation of a participant who remains employed at the end of the calendar year. Employees who elected to enroll in the enhanced 401(k) savings plan discontinued the accrual of additional years of service under the defined benefit plan and became enrolled in the enhanced 401(k) savings plan effective January 1, 2008. Eligible employees hired after January 1, 2008, are eligible to participate in the enhanced 401(k) savings plan. FCB made participating contributions to the 401(k) plans of $23.5 million, $22.6 million and $16.4 million during 2016, 2015 and 2014, respectively. FCB made participating contributions to the legacy Bancorporation plans of $1.1 million for 2014. Additional Benefits for Executives and Directors and Officers of Acquired Entities FCB has entered into contractual agreements with certain executives that provide payments for a period of no more than ten years following separation from service that occurs no earlier than an agreed-upon age. These agreements also provide a death benefit in the event a participant dies prior to separation from service or during the payment period following separation from service. FCB has also assumed liability for contractual obligations to directors and officers of previously-acquired entities. The following table provides the accrued liability as of December 31, 2016 and 2015, and the changes in the accrued liability during the years then ended:
Other Compensation Plans FCB offers various short-term and long-term incentive plans for certain employees. Compensation awarded under these plans may be based on defined formulas or other performance criteria, or it may be at the discretion of management. The incentive compensation programs were designed to motivate employees through a balanced approach of risk and reward for their contributions toward FCB's success. As of December 31, 2016 and 2015, the accrued liability for incentive compensation was $28.4 million and $24.5 million, respectively. |
Other Noninterest Income and Other Noninterest Expense |
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Noninterest Expense [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Noninterest Income and Other Noninterest Expense | OTHER NONINTEREST INCOME AND OTHER NONINTEREST EXPENSE Other noninterest income for the years ended December 31, 2016, 2015 and 2014 was $34.2 million, $36.4 million and $29.3 million, respectively. The most significant item in other noninterest income was recoveries on PCI loans that have been previously charged-off. BancShares records the portion of recoveries not covered under shared-loss agreements as noninterest income rather than as an adjustment to the allowance for loan losses. These recoveries were $20.1 million, $21.2 million and $16.2 million for the years ended December 31, 2016, 2015 and 2014, respectively. Charge-offs on PCI loans are recorded against the discount recognized on the date of acquisition versus through the allowance for loan losses unless an allowance was established subsequent to the acquisition date due to declining expected cash flow. Other noninterest expense for the years ended December 31, 2016, 2015 and 2014 included the following:
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Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | INCOME TAXES At December 31, income tax expense consisted of the following:
Income tax expense does not reflect the tax effects of unrealized gains and losses, the net change from defined benefit pension plans and other income and expenses recorded in accumulated other comprehensive income (AOCI). Income tax expense differed from the amounts computed by applying the federal income tax rate of 35 percent to pretax income as a result of the following:
The net deferred tax asset included the following components at December 31:
At December 31, 2016, $14.3 million of existing gross deferred tax assets relate to net operating loss carryforwards which expire in years beginning in 2024 through 2034. The net operating losses were acquired through the acquisition of Cordia and are subject to the annual limitation set forth by Internal Revenue Code Section 382. No valuation allowance was necessary at December 31, 2016 or 2015 to reduce BancShares’ gross deferred tax asset to the amount that is more likely than not to be realized. During the third quarters of 2016 and 2015, BancShares adjusted its net deferred tax asset as a result of reductions in the North Carolina corporate income tax rate that were enacted July 23, 2013. The lower corporate income tax rate resulted in a reduction in the deferred tax asset and an increase in income tax expense in 2016 and 2015. The lower state corporate income tax rate did not have a material impact on income tax expense. On October 1, 2014, Bancorporation merged with and into BancShares in a statutory merger treated as a "reorganization" within the meaning of section 368(a) of the Internal Revenue Code of 1986 as amended. Income tax expense in 2014 was adjusted for the settlement of the ownership of Bancorporation stock at the date of the merger. Income tax expense was also adjusted for the revaluation of the acquired deferred inventory to reflect the rates that will apply under currently enacted tax law when the temporary differences are expected to reverse. BancShares and its subsidiaries' federal income tax returns for 2013 through 2015 remain open for examination. Generally, the state jurisdictions in which BancShares files income tax returns are subject to examination for a period up to four years after returns are filed. BancShares state tax returns are currently under exam by North Carolina for 2012 and Missouri for 2011 through 2015. The following table provides a rollforward of Bancshares’ gross unrecognized tax benefits, excluding interest and penalties, during the years ended December 31:
All of the unrecognized tax benefits, if recognized, would affect Bancshares’ effective tax rate. BancShares has unrecognized tax benefits relating to uncertain state tax positions in North Carolina and other state jurisdictions resulting from tax filings submitted to the states. No tax benefit has been recorded for these uncertain tax positions in the financial statements. Bancshares does not expect the unrecognized tax benefits to change significantly during 2017. BancShares recognizes accrued interest and penalties related to unrecognized tax benefits in income tax expense. For the years ended December 31, 2016, 2015 and 2014, Bancshares recorded $357 thousand, $298 thousand and $1.1 million which primarily represent accrued interest. |
Transactions with Related Persons |
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Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transactions with related persons | TRANSACTIONS WITH RELATED PERSONS BancShares had, and expects to have in the future, banking transactions in the ordinary course of business with directors, officers and their associates (Related Persons) and entities that are controlled by Related Persons. For those identified as Related Persons as of December 31, 2016, the following table provides an analysis of changes in the loans outstanding during 2016 and 2015:
Unfunded loan commitments available to Related Persons were $1.8 million and $1.4 million as of December 31, 2016 and 2015, respectively. During 2014, fees from processing services included $17.2 million for services rendered to entities controlled by Related Persons. The 2014 amount includes $16.8 million earned from Bancorporation prior to the merger as it was considered an entity controlled by Related Persons. Effective with the merger there were no longer any fees earned from Bancorporation. The fees for processing services from entities controlled by Related Persons for 2016 and 2015 were not material. BancShares has also provided certain contracted services for entities controlled by Related Persons which have been reimbursed and are not considered material. |
Derivatives |
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Dec. 31, 2016 | |
Summary of Derivative Instruments [Abstract] | |
Derivatives | DERIVATIVES BancShares had an interest rate swap entered into during 2011 that qualified as a cash flow hedge under GAAP. The interest rate swap agreement expired in June 2016. At December 31, 2015, the interest rate swap had a notional amount of $93.5 million and the fair value of the outstanding derivative, which was included in the Consolidated Balance Sheets, was $1.4 million. The net change in fair value was included in the Consolidated Statements of Cash Flows under the caption net change in other liabilities. For the year ended December 31, 2016, BancShares recognized interest expense of $1.5 million, and for the years ended December 31, 2015 and 2014, recognized interest expense of $3.3 million for both periods, resulting from incremental interest paid to the interest rate swap counterparty, none of which related to ineffectiveness. |
Goodwill and Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets | GOODWILL AND INTANGIBLE ASSETS Goodwill Goodwill was $150.6 million and $139.8 million at December 31, 2016 and 2015, respectively, with no impairment recorded during 2016, 2015 and 2014. The following table presents the changes in the carrying amount of goodwill for the years ended December 31, 2016 and 2015:
Mortgage Servicing Rights Our portfolio of residential mortgage loans serviced for third parties was $2.49 billion, $2.15 billion and $1.95 billion as of December 31, 2016, 2015 and 2014, respectively. These loans were originated by BancShares and sold to third parties on a non-recourse basis with servicing rights retained. These retained servicing rights are recorded as a servicing asset on the Consolidated Balance Sheets and are initially recorded at fair value. The activity of the servicing asset for the years ended December 31, 2016, 2015 and 2014 is presented in the following table:
The following table presents the activity in the servicing asset valuation allowance for the years ended December 31, 2016, 2015 and 2014:
At December 31, 2016 and 2015, the carrying value BancShares' mortgage servicing rights was $20.4 million and $19.4 million, respectively. Contractually specified mortgage servicing fees, late fees, and ancillary fees earned for the years ended December 31, 2016, 2015 and 2014 were $5.8 million, $5.4 million, and $611 thousand, respectively, and are included in mortgage income in the Consolidated Statements of Income. The amortization expense related to mortgage servicing rights, included as a reduction of mortgage income in the Consolidated Statements of Income, was $5.0 million, $4.0 million, and $919 thousand for the years ended December 31, 2016, 2015 and 2014, respectively. Mortgage income included an impairment reversal of $91 thousand and $755 thousand for the years ended December 31, 2016 and 2015, respectively, and an impairment of $850 thousand for the year ended December 31, 2014. For the servicing rights acquired in the Bancorporation and 1st Financial transactions, the acquired assets were recorded at fair value and amortized over the remaining estimated servicing lives, which were estimated to be 5.5 years and 3 months for the Bancorporation and 1st Financial mergers, respectively, as of the acquisition date. Valuation of mortgage servicing rights is performed using a pooling methodology. Similar loans are pooled together and evaluated on a discounted earnings basis to determine the present value of future earnings. Key economic assumptions used to value mortgage servicing rights as of December 31, 2016 and 2015 were as follows:
Other Intangible Assets The following information relates to other intangible assets, all customer-related, which are being amortized over their estimated useful lives:
Core deposit intangibles comprise the majority of the other intangible assets as of December 31, 2016 and 2015. During 2016, BancShares recognized $240 thousand, $390 thousand and $2.2 million in core deposit intangibles related to the NMSB, FCSB and Cordia acquisitions, respectively. During 2015, BancShares recognized $690 thousand in core deposit intangibles related to the CCBT merger. Core deposit intangibles of $85 thousand were written off in 2015 as it related to previously acquired deposits that were sold in connection with the sale of a branch in December 2015. Intangible assets generated by acquisitions, which represent the estimated fair value of core deposits and other customer relationships that were acquired, are being amortized on an accelerated basis over their estimated useful lives. The estimated useful remaining lives range from 2 years to less than 9 years. The gross amount of other intangible assets and accumulated amortization as of December 31, 2016 and 2015, are:
Based on current estimated useful lives and carrying values, BancShares anticipates amortization expense for intangible assets in subsequent periods will be:
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Shareholders' Equity, Dividends Restrictions and Other Regulatory Matters |
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Regulatory Capital Requirements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' Equity, Dividend Restrictions and Other Regulatory Matters | SHAREHOLDERS' EQUITY, DIVIDEND RESTRICTIONS AND OTHER REGULATORY MATTERS BancShares and FCB are required to meet minimum capital requirements set forth by regulatory authorities. Bank regulatory agencies approved regulatory capital guidelines (Basel III) aimed at strengthening existing capital requirements for banking organizations. Under Basel III, requirements include a common equity Tier 1 ratio minimum of 4.50 percent, Tier 1 risk-based capital minimum of 6.00 percent, total risk-based capital ratio minimum of 8.00 percent and Tier 1 leverage capital ratio minimum of 4.00 percent. Failure to meet minimum capital requirements may result in certain actions by regulators that could have a direct material effect on the consolidated financial statements. A new capital conservation buffer, comprised of common equity Tier 1 capital, was also established above the regulatory minimum requirements. This capital conservation buffer was phased in beginning January 1, 2016 at 0.625 percent of risk-weighted assets and will increase each subsequent year by an additional 0.625 percent until reaching its final level of 2.50 percent on January 1, 2019. Basel III became effective for BancShares on January 1, 2015, with full compliance of all Basel III requirements phased in over a multi-year schedule, to be fully phased in by January 1, 2019. Based on the most recent notifications from its regulators, FCB is well-capitalized under the regulatory framework for prompt corrective action. As of December 31, 2016, BancShares and FCB met all capital adequacy requirements to which they are subject and were not aware of any conditions or events that would affect each entity's well-capitalized status. Following is an analysis of capital ratios under Basel III guidelines for BancShares and FCB as of December 31, 2016 and 2015:
BancShares and FCB had capital conservation buffers above minimum risk-based capital requirements of 5.85 percent and 5.21 percent, respectively, at December 31, 2016. The buffers exceed the 0.625 percent requirement and, therefore, result in no limit on distributions. At December 31, 2016, BancShares had no trust preferred capital securities included in Tier 1 capital, compared to $32.1 million at December 31, 2015. Effective January 1, 2015, 75 percent of BancShares' trust preferred capital securities were excluded from Tier 1 capital and the remaining 25 percent were phased out January 1, 2016 under Basel III requirements. Management continues to monitor developments and remains committed to managing capital levels in a prudent manner. At December 31, 2016 and December 31, 2015, Tier 2 capital of BancShares included $3.0 million and $6.0 million, respectively, of qualifying subordinated debt with a scheduled maturity date of June 1, 2018. Under current regulatory guidelines, when subordinated debt is within five years of its scheduled maturity date, issuers must discount the amount included in Tier 2 capital by 20 percent for each year until the debt matures. BancShares has two classes of common stock—Class A common and Class B common. Shares of Class A common have one vote per share, while shares of Class B common have 16 votes per share. During 2016, our Board approved a stock repurchase plan that provides for the purchase of up to 200,000 shares of Class A common stock. The shares may be purchased from time to time from November 1, 2016 through October 31, 2017. That authority replaced a similar plan in effect during the twelve months preceding November 1, 2016. The Board's action approving share purchases does not obligate BancShares to acquire any particular amount of shares and purchases may be suspended or discontinued at any time. Any shares of stock that are purchased will be canceled. As of December 31, 2016, no purchases had occurred pursuant to either authorization. The Board of Directors of FCB may approve distributions, including dividends, as it deems appropriate, subject to the requirements of the FDIC and the General Statutes of North Carolina, provided that the distributions do not reduce capital below applicable capital requirements. As of December 31, 2016, the maximum amount of the dividend was limited to $928.7 million to preserve well-capitalized status. Dividends declared by FCB and paid to BancShares amounted to $90.1 million in 2016, $75.0 million in 2015 and $30.0 million in 2014. BancShares and FCB are subject to various requirements imposed by state and federal banking statutes and regulations, including regulations requiring the maintenance of noninterest-bearing reserve balances at the Federal Reserve Bank. Banks are allowed to reduce the required balances by the amount of vault cash. For 2016, the requirements averaged $575.7 million. |
Commitments and Contingencies |
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Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES To meet the financing needs of its customers, BancShares and its subsidiaries have financial instruments with off-balance sheet risk. These financial instruments include commitments to extend credit, standby letters of credit and recourse obligations on mortgage loans sold. These instruments involve elements of credit, interest rate or liquidity risk. Commitments to extend credit are legally binding agreements to lend to customers. Commitments generally have fixed expiration dates or other termination clauses and may require payment of fees. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future liquidity requirements. Established credit standards control the credit risk exposure associated with these commitments. In some cases, BancShares requires that collateral be pledged to secure the commitment, including cash deposits, securities and other assets. At December 31, 2016, BancShares had unused commitments to extend credit that were $8.81 billion, compared to $7.95 billion at December 31, 2015. Total unfunded commitments relating to investments in affordable housing projects were $57.1 million and $41.8 million at December 31, 2016 and December 31, 2015, respectively, and are included in other liabilities on BancShares' Consolidated Balance Sheet. Standby letters of credit are commitments guaranteeing performance of a customer to a third party. Those commitments are primarily issued to support public and private borrowing arrangements, and the fair value of those commitments is not material. To mitigate its risk, BancShares’ credit policies govern the issuance of standby letters of credit. At December 31, 2016 and 2015, BancShares had standby letters of credit amounting to $83.8 million and $77.9 million, respectively. The credit risk related to the issuance of these letters of credit is essentially the same as that involved in extending loans to clients and, therefore, these letters of credit are collateralized when necessary. Pursuant to standard representations and warranties relating to residential mortgage loan sales sold on a non-recourse basis, contingent obligations exist for various events that may occur following the loan sale. If underwriting or documentation deficiencies are discovered at any point in the life of the loan or if the loan fails to perform per the terms of the loan purchase agreement, typically within 180 days from the date of sale, the investor may require BancShares to repurchase the loan or to repay a portion of the sale proceeds. Other liabilities included reserves of $3.0 million as of December 31, 2016 and 2015 for estimated losses arising from these standard representation and warranty provisions. BancShares has recorded a receivable from the FDIC totaling $4.2 million and $4.1 million as of December 31, 2016 and 2015, respectively, for the expected reimbursement of losses on assets covered under the various shared-loss agreements. The shared-loss agreements are subject to interpretation by both the FDIC and BancShares, and disagreements may arise regarding coverage of losses, expenses and contingencies and requests for reimbursement may be delayed or disallowed for noncompliance. See Note H for additional information on the receivable from the FDIC regarding the early termination of five shared-loss agreements during 2016. The shared-loss agreements for two FDIC-assisted transactions include provisions related to payments that may be owed to the FDIC at the termination of the agreements (clawback liability).The clawback liability represents a payment by BancShares to the FDIC if actual cumulative losses on acquired covered assets are lower than the cumulative losses originally estimated by the FDIC at the time of acquisition. The clawback liability is estimated by discounting estimated future payments and is recorded in the Consolidated Balance Sheets as a payable to the FDIC under the relevant shared-loss agreements. As of December 31, 2016 and 2015, the clawback liability was $97.0 million and $126.5 million, respectively. See Note H for additional information on the clawback liability regarding the early termination of five shared-loss agreements during 2016. BancShares entered into forward-starting advances with the FHLB of Atlanta in June 2016 to receive $200.0 million of fixed rate long-term funding. There are two advances of $100.0 million each scheduled to fund in June 2018 with maturity dates of June 2026 and 2028. BancShares and various subsidiaries have been named as defendants in legal actions arising from their normal business activities in which damages in various amounts are claimed. BancShares is also exposed to litigation risk relating to the prior business activities of banks from which assets were acquired and liabilities assumed in the various merger transactions. Although the amount of any ultimate liability with respect to such matters cannot be determined, in the opinion of management, any such liability will not have a material effect on BancShares’ consolidated financial statements. |
Accumulated Other Comprehensive Loss |
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Accumulated Other Comprehensive Loss | ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME Accumulated other comprehensive loss included the following at December 31, 2016 and 2015:
The following table highlights changes in accumulated other comprehensive (loss) income by component for the years ended December 31, 2016 and 2015:
(1) All amounts are net of tax. Amounts in parentheses indicate debits. The following table presents the amounts reclassified from accumulated other comprehensive (loss) income and the line item affected in the statement where net income is presented for the twelve months ended December 31, 2016 and 2015:
(1) Amounts in parentheses indicate debits to profit/loss. |
Parent Company Financial Statements |
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Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Parent Company Financial Statements | PARENT COMPANY FINANCIAL STATEMENTS
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Subsequent Events |
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Dec. 31, 2016 | |
Subsequent Event [Line Items] | |
Subsequent Events | SUBSEQUENT EVENTS On January 13, 2017, FCB announced that it entered into an agreement with the FDIC, as Receiver, to purchase certain assets and assume certain liabilities of Harvest Community Bank (HCB) of Pennsville, New Jersey. On January 14, 2017, HCB branches began operating as branches of FCB. As part of the agreement, FCB received $22.8 million in cash from the FDIC. HCB had total loans of $98.8 million and total deposits of $122.2 million at December 31, 2016. Due to the close proximity of the acquisition date and the date that BancShares' financial statements were issued, preliminary fair value estimates are not available. |
Accounting Policies and Basis of Presentation (Policies) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||
General/Nature of Operations | General First Citizens BancShares, Inc. (BancShares) is a financial holding company organized under the laws of Delaware and conducts operations through its banking subsidiary, First-Citizens Bank & Trust Company (FCB), which is headquartered in Raleigh, North Carolina. On September 1, 2016, First Citizens Bank completed the merger of Midlothian, Virginia-based Cordia Bancorp, Inc. (Cordia) and its subsidiary, Bank of Virginia (BVA) into FCB. Under the terms of the merger agreement, cash consideration of $5.15 was paid to Cordia’s shareholders for each of their shares of Cordia’s common stock, with total consideration paid of $37.1 million. On June 14, 2016, FCB terminated five of FCB's nine shared-loss agreements with the Federal Deposit Insurance Corporation (FDIC), including Temecula Valley Bank (TVB), Sun American Bank (SAB), Williamsburg First National Bank (WFNB), Atlantic Bank & Trust (ABT) and Colorado Capital Bank (CCB). The resulting positive net impact to pre-tax earnings from the early termination of the FDIC shared-loss agreements was $16.6 million during 2016. See Note H for additional information regarding the FDIC shared-loss termination. On May 6, 2016, FCB purchased certain assets and assumed certain liabilities of First CornerStone Bank (FCSB) of King of Prussia, Pennsylvania from the FDIC. On March 11, 2016, FCB purchased certain assets and assumed certain liabilities of North Milwaukee State Bank (NMSB) of Milwaukee, Wisconsin from the FDIC. On February 13, 2015, FCB purchased certain assets and assumed certain liabilities of Capitol City Bank & Trust (CCBT) of Atlanta, Georgia from the FDIC. In accordance with the acquisition method of accounting, all assets and liabilities were recorded at their fair value as of the acquisition date. Fair values are subject to refinement for up to one year after the closing date of the transaction as additional information regarding closing date fair values becomes available. See Note B for additional information regarding Business Combinations. Nature of Operations FCB operates 550 branches in North Carolina, South Carolina, Virginia, West Virginia, Maryland, Tennessee, California, Washington, Florida, Georgia, Texas, Arizona, New Mexico, Colorado, Oregon, Missouri, Oklahoma, Kansas, Pennsylvania, Wisconsin and New Jersey. FCB provides full-service banking services designed to meet the needs of retail and commercial customers in the markets in which they operate. The services provided include transaction and savings deposit accounts, commercial and consumer loans, trust and asset management. Investment services, including sales of annuities and third party mutual funds are offered through First Citizens Investor Services, Inc. (FCIS), title insurance is offered through Neuse Financial Services, Inc., and investment advisory services are provided through First Citizens Asset Management, Inc. (FCAM). First Citizens Securities Corporation merged into FCIS effective January 1, 2016. |
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Principles of Consolidation and Segment Reporting | Principles of Consolidation and Segment Reporting The consolidated financial statements of BancShares include the accounts of BancShares and those subsidiaries that are majority owned by BancShares and over which BancShares exercises control. In consolidation, all significant intercompany accounts and transactions are eliminated. The results of operations of companies or assets acquired are included only from the dates of acquisition. All material wholly-owned and majority-owned subsidiaries are consolidated unless GAAP requires otherwise. BancShares operates with centralized management and combined reporting, thus BancShares operates as one consolidated reportable segment. FCB has investments in certain partnerships and limited liability entities primarily for the purposes of fulfilling Community Reinvestment Act requirements and/or obtaining tax credits. The entities have been evaluated and determined to be variable interest entities (VIEs). VIEs are legal entities in which equity investors do not have sufficient equity at risk for the entity to independently finance its activities without additional subordinated financial support, or as a group, the holders of the equity investment at risk lack the power through voting or similar rights to direct the activities of the entity that most significantly impact its economic performance, or do not have the obligation to absorb the expected losses of the entity or the right to receive expected residual returns of the entity. Consolidation of a VIE is considered appropriate if a reporting entity holds a controlling financial interest in the VIE. Analysis of these investments concluded that FCB is not the primary beneficiary and does not hold a controlling interest in the VIEs and, therefore, the assets and liabilities of these entities are not consolidated into the financial statements of FCB or BancShares. The recorded investment in these entities is reported within other assets in the Consolidated Balance Sheets. |
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Reclassifications | Reclassifications In certain instances, amounts reported in prior years' consolidated financial statements have been reclassified to conform to the current financial statement presentation. Such reclassifications had no effect on previously reported cash flows, shareholders' equity or net income. |
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Use of Estimates in the Preparation of Financial Statements | Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates, and different assumptions in the application of these policies could result in material changes in BancShares' consolidated financial position, the consolidated results of its operations or related disclosures. Material estimates that are particularly susceptible to significant change include:
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Business Combinations | Business Combinations BancShares accounts for all business combinations using the acquisition method of accounting. Under this method of accounting, acquired assets and assumed liabilities are included with the acquirer's accounts as of the date of acquisition, with any excess of purchase price over the fair value of the net assets acquired recognized as either finite lived intangibles or capitalized as goodwill. In addition, acquisition-related costs and restructuring costs are recognized as period expenses as incurred. |
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Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash and due from banks, interest-bearing deposits with banks and federal funds sold. Cash and cash equivalents have initial maturities of three months or less. The carrying value of cash and cash equivalents approximates its fair value due to its short-term nature. |
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Investment Securities | Investment Securities BancShares classifies marketable investment securities as held to maturity, available for sale or trading. Interest income and dividends on securities are recognized in interest income on an accrual basis. Premiums and discounts on debt securities are amortized as an adjustment to interest income using the interest method. At December 31, 2016 and 2015, BancShares had no investment securities held for trading purposes. Debt securities are classified as held to maturity where BancShares has both the intent and ability to hold the securities to maturity. These securities are reported at amortized cost. Investment securities that may be sold to meet liquidity needs arising from unanticipated deposit and loan fluctuations, changes in regulatory capital requirements or unforeseen changes in market conditions, are classified as available for sale. Securities available for sale are reported at estimated fair value, with unrealized gains and losses reported in accumulated other comprehensive income or loss, net of deferred income taxes, in the shareholders' equity section of the Consolidated Balance Sheets. Gains or losses realized from the sale of securities available for sale are determined by specific identification on a trade date basis and are included in noninterest income. BancShares evaluates each held to maturity and available for sale security in a loss position for other-than-temporary impairment (OTTI) at least quarterly. BancShares considers such factors as the length of time and the extent to which the market value has been below amortized cost, long term expectations and recent experience regarding principal and interest payments, BancShares' intent to sell, and whether it is more likely than not that it would be required to sell those securities before the anticipated recovery of the amortized cost basis. The credit component of an OTTI loss is recognized in earnings and the non-credit component is recognized in accumulated other comprehensive income in situations where BancShares does not intend to sell the security, and it is more likely than not that BancShares will not be required to sell the security prior to recovery. Non-marketable Securities Federal law requires a member institution of the Federal Home Loan Bank (FHLB) system to purchase and hold restricted stock of its district FHLB according to a predetermined formula. This stock is restricted in that it may only be sold to the FHLB and all sales must be at par. Accordingly, the FHLB restricted stock is carried at cost, less any applicable impairment charges. Non-marketable securities are periodically evaluated for impairment. BancShares considers positive and negative evidence, including the profitability and asset quality of the issuer, dividend payment history and recent redemption experience when determining the ultimate recoverability of the recorded investment. Non-marketable securities are recorded within other assets in the Consolidated Balance Sheets. FHLB and non-marketable securities were $43.8 million and $37.7 million at December 31, 2016 and 2015, respectively. Investments in Qualified Affordable Housing Projects BancShares and FCB have investments in certain partnerships and limited liability entities primarily for the purposes of fulfilling Community Reinvestment Act requirements and obtaining tax credits and accounts for investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. Under the proportional amortization method, the initial cost of the investment is amortized in proportion to the tax credits and other tax benefits received and the net investment performance is recognized in the income statement as a component of income tax expense. All of the investments held in qualified affordable housing projects qualify for the proportional amortization method and were $109.8 million and $85.6 million at December 31, 2016 and December 31, 2015, respectively, and are included in other assets on the Consolidated Balance Sheets. |
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Loans Held For Sale | Loans Held For Sale BancShares elected to apply the fair value option for new originations of prime residential mortgage loans to be sold. BancShares elected the fair value option and accounts for the forward commitments used to economically hedge the loans held for sale at fair value. Gains and losses on sales of mortgage loans are recognized in the Consolidated Statements of Income in mortgage income. Origination fees collected are deferred and recorded in mortgage income in the period the corresponding loan is sold. |
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Loans and Leases | Loans and Leases BancShares' accounting methods for loans and leases differ depending on whether they are purchased credit impaired (PCI) or non-PCI. Non-Purchased Credit Impaired (Non-PCI) Loans and Leases Loans and leases for which management has the intent and ability to hold for the foreseeable future are classified as held for investment and carried at the principal amount outstanding net of any unearned income, charge-offs and unamortized fees and costs on non-PCI loans. Nonrefundable fees collected and certain direct costs incurred related to loan originations are deferred and recorded as an adjustment to loans and leases outstanding. The net amount of the nonrefundable fees and costs are amortized to interest income over the contractual lives using methods that approximate a constant yield. Net deferred fees on non-PCI loans, including unearned income and unamortized costs, fees, premiums and discounts, were $6.7 million and $16.6 million at December 31, 2016 and 2015, respectively. Non-PCI loans include originated commercial, originated noncommercial, purchased non-impaired loans, purchased leases and certain purchased revolving credit. For purchased non-impaired loans to be included as non-PCI, it must be determined that the loans do not have a discount at least in part due to credit quality at the time of acquisition. The difference between fair value and unpaid principal balance of the loan at the acquisition date is amortized or accreted to interest income over the estimated life of the loans using a method that approximates the interest method. Purchased Credit Impaired (PCI) Loans PCI loans are recorded at fair value at the date of acquisition. No allowance for loan and lease losses is recorded on the acquisition date as the fair value of the acquired assets incorporates assumptions regarding credit risk. PCI loans are evaluated at acquisition and where a discount is required at least in part due to credit, the loans are accounted for under the guidance in Accounting Standards Codification (ASC) 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality. Purchased impaired loans reflect credit deterioration since origination such that it is probable at acquisition that BancShares will be unable to collect all contractually required payments. At the acquisition date, the difference between contractually required payments and the cash flows expected to be collected is the nonaccretable difference, which is included as a reduction to the carrying amount of PCI loans. If the timing and amount of the future cash flows is reasonably estimable, any excess of cash flows expected at acquisition over the estimated fair value is the accretable yield and is recognized in interest income over the asset's remaining life using the effective yield method. Over the life of PCI loans, BancShares continues to estimate cash flows expected to be collected on individual loans or on pools of loans sharing common risk characteristics. BancShares evaluates at each balance sheet date whether the estimated cash flows and corresponding present value of its loans determined using the effective interest rates has decreased and if so, recognizes provision for loan and lease losses in the Consolidated Statements of Income. For any increases in cash flows expected to be collected, BancShares adjusts any prior recorded allowance for loan and lease losses first through a reversal of previously recognized allowance through provision expense, and then the amount of accretable yield recognized on a prospective basis over the loan's or pool's remaining life. For non-pooled PCI loans, accretion income is recognized except for situations when the timing and amount of future cash flows cannot be determined. PCI loans with uncertain future cash flows are accounted for under the cost recovery method and those loans are generally reported as nonaccrual. For PCI loans where the cash flow analysis was initially performed at the loan pool level, the amount of accretable yield and nonaccretable difference is determined at the pool level. Each loan pool is made up of assets with similar characteristics at the date of acquisition including loan type, collateral type and performance status. All loan pools that have accretable yield to be recognized in interest income are classified as accruing regardless of the status of individual loans within the pool. |
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Impaired Loans, Troubled Debt Restructurings (TDR) and Nonperforming Assets | Impaired Loans, Troubled Debt Restructurings (TDR) and Nonperforming Assets Management will deem non-PCI loans and leases to be impaired when, based on current information and events, it is probable that a borrower will be unable to pay all amounts due according to the contractual terms of the loan agreement. Generally, management considers the following loans to be impaired: all TDR loans, commercial and consumer relationships which are nonaccrual or 90+ days past due and greater than $500,000 as well as any other loan management deems impaired. When the ultimate collectability of an impaired loan's principal is doubtful, all cash receipts are applied to principal. Once the recorded principal balance has been reduced to zero, future cash receipts are applied first to all previously charged-off principal until fully collected, then to interest income, to the extent that any interest has been foregone. A loan is considered a TDR when both of the following occur: (1) a modification to a borrower's debt agreement is made and (2) a concession is granted for economic or legal reasons related to a borrower's financial difficulties that otherwise would not be granted. TDRs are undertaken in order to improve the likelihood of collection on the loan and may result in a stated interest rate lower than the current market rate for new debt with similar risk, other modifications to the structure of the loan that fall outside of normal underwriting policies and procedures or, in certain limited circumstances, forgiveness of principal or interest. Loans that have been restructured as a TDR are treated and reported as such for the remaining life of the loan. Modifications of PCI loans that are part of a pool accounted for as a single asset are not designated as TDRs. Modifications of non-pooled PCI loans are designated as TDRs in the same manner as non-PCI loans and leases. TDRs can be loans remaining on nonaccrual, moving to nonaccrual or continuing on accruing status, depending on the individual facts and circumstances of the borrower. In circumstances where a portion of the loan balance is charged-off, BancShares typically classifies the remaining balance as nonaccrual. In connection with commercial TDRs, the decision to maintain a loan that has been restructured on accrual status is based on a current credit evaluation of the borrower's financial condition and prospects for repayment under the modified terms. This evaluation includes consideration of the borrower's current capacity to pay, which may include a review of the borrower's current financial statements, an analysis of cash flow documenting the borrower's capacity to pay all debt obligations and an evaluation of secondary sources of payment from the borrower and any guarantors. This evaluation also includes an evaluation of the borrower's current willingness to pay, which may include a review of past payment history, an evaluation of the borrower's willingness to provide information on a timely basis and consideration of offers from the borrower to provide additional collateral or guarantor support. The credit evaluation also reflects consideration of the adequacy of collateral to cover all principal and interest and trends indicating improving profitability and collectability of receivables. Nonperforming assets include nonaccrual loans and leases and foreclosed property. Foreclosed property consists of real estate and other assets acquired as a result of loan defaults. BancShares classifies all non-PCI loans and leases as past due when the payment of principal and interest based upon contractual terms is greater than 30 days delinquent. Generally, commercial loans are placed on nonaccrual status when principal or interest becomes 90 days past due or when it is probable that principal or interest is not fully collectible, whichever occurs first. Once a loan is placed on nonaccrual status it is evaluated for impairment and a charge-off is recorded in the amount of the impairment if the loss is deemed confirmed. Consumer loans are subject to mandatory charge-off at a specified delinquency date consistent with regulatory guidelines. Generally, when loans and leases are placed on nonaccrual status all previously uncollected accrued interest is reversed from interest income. All payments received thereafter are applied as a reduction of the remaining principal balance as long as concern exists as to the ultimate collection of the principal. Loans and leases, including TDRs, are generally removed from nonaccrual status when they become current as to both principal and interest, the borrower has demonstrated a sustained period of repayment performance for a reasonable period, generally a minimum of six months, and concern no longer exists as to the collectability of principal and interest. Other real estate owned (OREO) acquired as a result of foreclosure is carried at net realizable value (NRV). NRV equals fair value less estimated selling costs. Any excess of recorded investment in the loan over NRV at the time of foreclosure is booked against the allowance for loan and lease losses as a charge-off. Any excess in NRV over recorded investment in the loan at the time of foreclosure is recorded as a recovery of prior charge-off, if any, up to the amount of prior charge-off with excess recorded as an offset to foreclosure-related expense. OREO is subject to at least annual periodic revaluations of the underlying collateral. The periodic revaluations are generally based on the appraised value of the property and may include additional adjustments based upon management's review of the valuation and specific knowledge of the OREO. Routine maintenance costs, subsequent declines in market value and net losses on disposal are included in foreclosure-related expense. Gains and losses resulting from the sale or write down of OREO and income and expenses related to its operation are also recorded in foreclosure-related expense. |
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Covered Assets and Receivable from FDIC for Loss Share Agreements | Covered Assets and Receivable from FDIC for Shared-Loss Agreements Assets subject to shared-loss agreements with the FDIC include certain loans and leases and OREO. These shared-loss agreements afford BancShares significant protection as they cover realized losses on certain loans and other assets purchased from the FDIC during the time period specified in the agreements. Realized losses covered include loan contractual balances, accrued interest on loans for up to 90 days, the book value of foreclosed real estate acquired and certain direct costs, less cash or other consideration received by BancShares. The FDIC receivable is recorded at fair value at the acquisition date of the indemnified assets and is measured on the same basis as the underlying loans, subject to collectability and/or contractual limitations. The fair value of the shared-loss agreements on the acquisition date reflects the discounted reimbursements expected to be received from the FDIC, using an appropriate discount rate, which is based on the market rate for a similar term security at the time of the acquisition adjusted for additional risk premium. The shared-loss agreements continue to be valued on the same basis as the related indemnified assets. Because the PCI loans are subject to the accounting prescribed by ASC 310-30, subsequent changes to the basis of the shared-loss agreements also follow that model. Deterioration in the credit quality of the loans, which is immediately recorded as an adjustment to the allowance for loan and lease losses, would immediately increase the FDIC receivable, with the offset recorded through the Consolidated Statements of Income in other noninterest income. Improvements in the credit quality or cash flows of loans, which is reflected as an adjustment to yield and accreted into income over the remaining life of the loans, decrease the FDIC receivable, with such decrease being amortized into income over (1) the same period as the underlying loans or (2) the life of the shared-loss agreements, whichever is shorter. Loss assumptions used in the basis of the indemnified loans are consistent with the loss assumptions used to measure the indemnification asset. Discounts and premiums reflecting the estimated timing of expected reimbursements are accreted into income over the life of the shared-loss agreements. Upon evaluation of certain characteristics, circumstances, nature and remaining term associated with and balance of indemnification assets, management may determine different subsequent accounting treatment to be appropriate. Collection and other servicing costs related to loans covered under FDIC shared-loss agreements are charged to noninterest expense as incurred. A receivable from the FDIC is recorded for the estimated amount of such expenses that are expected to be reimbursed and results in an increase to noninterest income. The estimated amount of such reimbursements is determined by several factors including the existence of loan participation agreements with other financial institutions, the presence of partial guarantees from the Small Business Administration (SBA) and whether a reimbursable loss has been recorded on the loan for which collection and servicing costs have been incurred. Future adjustments to the receivable from the FDIC may be necessary as additional information becomes available related to the amount of previously recorded collection and other servicing costs that will actually be reimbursed by the FDIC and the probable timing of such reimbursements. |
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Payable to the FDIC for Loss Share Agreements | Payable to the FDIC for Shared-Loss Agreements The purchase and assumption agreements for certain FDIC-assisted transactions include payments that may be owed to the FDIC at the termination of the shared-loss agreements. The payment is due to the FDIC if actual cumulative losses on acquired covered assets are lower than the cumulative losses originally estimated by the FDIC at the time of acquisition. The liability is calculated by discounting estimated future payments and is reported in the Consolidated Balance Sheets as an FDIC shared-loss payable. The ultimate settlement amount of the payment is dependent upon the performance of the underlying covered loans, recoveries, the passage of time and actual claims submitted to the FDIC. |
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Allowance for Loan and Lease Losses (ALLL) | Allowance for Loan and Lease Losses (ALLL) The ALLL represents management's best estimate of probable credit losses within the loan and lease portfolio at the balance sheet date. Management determines the ALLL based on an ongoing evaluation. This evaluation is inherently subjective because it requires material estimates, including the amount and timing of cash flows expected to be received on PCI loans. Those estimates are susceptible to significant change. Adjustments to the ALLL are recorded with a corresponding entry to provision for loan and lease losses. Loan and lease balances deemed to be uncollectible are charged-off against the ALLL. Recoveries of amounts previously charged-off are generally credited to the ALLL. Accounting standards require the presentation of certain information at the portfolio segment level, which represents the level at which the company has developed and documents a systematic methodology to determine its ALLL. BancShares evaluates its loan and lease portfolio using three portfolio segments; non-PCI commercial, non-PCI noncommercial and PCI. The non-PCI commercial segment includes commercial construction and land development, commercial mortgage, commercial and industrial, lease financing and other commercial real estate loans and the related ALLL is calculated based on a risk-based approach as reflected in credit risk grades assigned to individual loans. The non-PCI noncommercial segment includes noncommercial construction and land development, residential mortgage, revolving mortgage and consumer loans and the related ALLL is determined using a delinquency-based approach. BancShares' methodology for calculating the ALLL includes estimating a general allowance for pools of unimpaired loans and specific allocations for significant individual impaired loans for non-PCI loans. It also includes establishing an ALLL for PCI loans that have deteriorated since acquisition. The general allowance is based on historical net loan loss experience for homogeneous groups of loans based mostly on loan type then aggregated on the basis of similar risk characteristics and performance trends. This allowance estimate contains qualitative components that allow management to adjust reserves based on historical loan loss experience for changes in the economic environment, portfolio trends and other factors. The methodology also considers the remaining discounts recognized upon acquisition associated with purchased non-impaired loans in estimating a general allowance. The specific allowance component is determined when management believes that the collectability of an individually reviewed loan has been impaired and a loss is probable. A primary component of determining the general allowance for performing and classified loans not analyzed specifically is the actual loss history of the various classes. Loan loss factors based on historical experience may be adjusted for significant factors that, in management's judgment, affect the collectability of the portfolio at the balance sheet date. For non-PCI commercial loans and leases, management incorporates historical net loss data to develop the applicable loan loss factors by utilizing information that considers the class of the commercial loan and associated risk rating. For the non-PCI noncommercial segment, management incorporates specific loan class and delinquency status trends into the loan loss factors. Loan loss factors may be adjusted quarterly based on changes in the level of historical net charge-offs and updates by management, such as the number of periods included in the calculation of loss factors, loss severity and portfolio attrition. The qualitative framework used in estimating the general allowance considers economic conditions, composition of the loan portfolio, trends in delinquent and nonperforming loans, historical loss experience by categories of loans, concentrations of credit, changes in lending policies and underwriting standards, regulatory exam results and other factors indicative of inherent losses remaining in the portfolio. Management may adjust the ALLL calculated based on historical loan loss factors by the factors in the qualitative framework to address environmental factors not reflected in the historical experience. These adjustments are specific to the loan class level. In accordance with our allowance methodology, certain loan loss factors related to the quantitative component of the ALLL and reserve factors related to the qualitative component of the ALLL were updated in 2016. This methodology update resulted in no material net impact to the ALLL. The ALLL for PCI loans is estimated based on the expected cash flows approach. Over the life of PCI loans, BancShares continues to estimate cash flows expected to be collected on individual loans or pools of loans sharing common risk characteristics. BancShares evaluates at each balance sheet date whether the estimated cash flows and corresponding present value of its loans and leases determined using their effective interest rates has decreased and if so, recognizes provision for loan and lease losses. For any increases in cash flows expected to be collected, BancShares adjusts any prior recorded allowance for loan and lease losses first and then the amount of accretable yield recognized on a prospective basis over the loan's or pool's remaining life. Specific allocations are made for larger, individual impaired loans. All impaired loans are reviewed for potential impairment on a quarterly basis. Specific valuation allowances are established or partial charge-offs are recorded on impaired loans for the difference between the recorded investment in the loan and the estimated fair value. The fair value of impaired loans is based on the present value of expected cash flows, market prices of the loans, if available, or the value of the underlying collateral. Expected cash flows are discounted at the loans' effective interest rates. Management continuously monitors and actively manages the credit quality of the entire loan portfolio and adjusts the ALLL to an appropriate level. By assessing the probable estimated incurred losses in the loan portfolio on a quarterly basis, management is able to adjust specific and general loss estimates based upon the most recent information available. Future adjustments to the ALLL may be necessary based on changes in economic and other conditions. Additionally, various regulatory agencies, as an integral part of their examination process, periodically review BancShares' ALLL. Such agencies may require the recognition of adjustments to the ALLL based on their judgments of information available to them at the time of their examination. Management considers the established ALLL adequate to absorb probable losses that relate to loans and leases outstanding as of December 31, 2016. Each portfolio segment and the classes within those segments are subject to risks that could have an adverse impact on the credit quality of the loan and lease portfolio and the related ALLL. Management has identified the most significant risks as described below that are generally similar among the segments and classes. While the list is not exhaustive, it provides a description of the risks management has determined are the most significant. Non-PCI Commercial Loans and Leases Non-PCI commercial loans or leases, excluding purchased non-impaired loans, purchased leases and certain purchased revolving credit, are centrally underwritten based primarily upon the customer's ability to generate the required cash flow to service the debt in accordance with the contractual terms and conditions of the loan agreement. A complete understanding of the borrower's business, including the experience and background of the principals, is obtained prior to approval. To the extent that the loan or lease is secured by collateral, which is true for the majority of commercial loans and leases, the likely value of the collateral and what level of strength the collateral brings to the transaction is evaluated. To the extent that the principals or other parties provide personal guarantees, the relative financial strength and liquidity of each guarantor is assessed. The significant majority of relationships in the non-PCI commercial segment are assigned credit risk grades based upon an assessment of conditions that affect the borrower's ability to meet contractual obligations under the loan agreement. This process includes reviewing the borrowers' financial information, payment history, credit documentation, public information and other information specific to each borrower. Credit risk grades are reviewed annually, or at any point management becomes aware of information affecting the borrowers' ability to fulfill their obligations. Our credit risk grading standards are described in Note D. The impairment assessment and determination of the related specific reserve for each impaired loan is based on the loan's characteristics. Impairment measurement for loans that are not collateral dependent and are paying principal and interest based upon contractual terms is based on the present value of expected cash flows discounted at the loan's effective interest rate. Specific valuation allowances are established or partial charge-offs are recorded for the difference between the recorded investment in the loan and the estimated fair value for originated loans. Specific valuation allowances for purchased non-impaired loans are established or partial charge-offs are recorded for the difference between the loan amount and the estimated fair value with consideration for the remaining discounts recognized upon acquisition. Impairment measurement for most real estate loans, particularly when a loan is considered to be a probable foreclosure, is based on the fair value of the underlying collateral. Collateral is appraised and market value, appropriately adjusted for an assessment of the sales and marketing costs are used to calculate an anticipated fair value. General reserves for collective impairment are based on estimated incurred losses related to unimpaired commercial loans and leases as of the balance sheet date. Incurred loss estimates for the originated commercial segment are based on average loss rates by credit risk ratings, which are estimated using historical loss experience and credit risk rating migrations. Incurred loss estimates may be adjusted through a qualitative assessment to reflect current economic conditions and portfolio trends including credit quality, concentrations, aging of the portfolio and significant policy and underwriting changes. Common risks to each class of commercial loans include general economic conditions within the markets BancShares serves, as well as risks that are specific to each transaction including demand for products and services, personal events, such as disability or change in marital status and reductions in the value of collateral. Due to the concentration of loans in the medical, dental and related fields, BancShares is susceptible to risks that governmental actions will materially alter the medical care industry in the United States. In addition to these common risks for the majority of the non-PCI commercial segment, additional risks are inherent in certain classes of non-PCI commercial loans and leases. Commercial construction and land development Commercial construction and land development loans are highly dependent on the supply and demand for commercial real estate in the markets served by BancShares as well as the demand for newly constructed residential homes and lots that customers are developing. Deterioration in demand could result in decreases in collateral values and could make repayment of the outstanding loans more difficult for customers. Commercial mortgage, commercial and industrial and lease financing Commercial mortgage loans, commercial and industrial loans and lease financing are primarily dependent on the ability of borrowers to achieve business results consistent with those projected at loan origination resulting in cash flow sufficient to service the debt. To the extent that a customer's business results are significantly unfavorable versus the original projections, the ability for the loan to be serviced on a basis consistent with the contractual terms may be at risk. While these loans and leases are generally secured by real property, personal property or business assets such as inventory or accounts receivable, it is possible that the liquidation of the collateral will not fully satisfy the obligation. Other commercial real estate Other commercial real estate loans consist primarily of loans secured by multifamily housing and agricultural loans. The primary risk associated with multifamily loans is the ability of the income-producing property that collateralizes the loan to produce adequate cash flow to service the debt. High unemployment or generally weak economic conditions may result in customers having to provide rental rate concessions to achieve adequate occupancy rates. The performance of agricultural loans is highly dependent on favorable weather, reasonable costs for seed and fertilizer and the ability to successfully market the product at a profitable margin. The demand for these products is also dependent on macroeconomic conditions that are beyond the control of the borrower. Non-PCI Noncommercial Loans and Leases Non-PCI noncommercial loans, excluding purchased non-impaired loans and certain purchased revolving credit, are centrally underwritten using automated credit scoring and analysis tools. These credit scoring tools take into account factors such as payment history, credit utilization, length of credit history, types of credit currently in use and recent credit inquiries. To the extent that the loan is secured by collateral, the likely value of that collateral is evaluated. The ALLL for the non-PCI noncommercial segment is primarily calculated on a pooled basis using a delinquency-based approach. Estimates of incurred losses are based on historical loss experience and the migration of receivables through the various delinquency pools applied to the current risk mix. These estimates may be adjusted through a qualitative assessment to reflect current economic conditions, portfolio trends and other factors. The remaining portion of the ALLL related to the non-PCI noncommercial segment results from loans that are deemed impaired. The impairment assessment and determination of the related specific reserve for each impaired loan is based on the loan's characteristics. Impairment measurement for loans that are not collateral dependent and are paying principal and interest based upon contractual terms is based on the present value of expected cash flows discounted at the loan's effective interest rate. Specific valuation allowances are established or partial charge-offs are recorded for the difference between the recorded investment in the loan and the estimated fair value for originated non-PCI loans. Specific valuation allowances for purchased non-impaired loans are established or partial charge-offs are recorded for the difference between the recorded investment in the loan and the estimated fair value with consideration for the remaining discounts recognized upon acquisition. Impairment measurement for most real estate loans, particularly when a loan is considered to be a probable foreclosure, is based on the fair value of the underlying collateral. Collateral is appraised and market value, appropriately adjusted for an assessment of the sales and marketing costs are used to calculate an anticipated fair value. Common risks to each class of noncommercial loans include risks that are not specific to individual transactions such as general economic conditions within the markets BancShares serves, particularly unemployment and potential declines in real estate values. Personal events such as disability or change in marital status also add risk to noncommercial loans. In addition to these common risks for the majority of noncommercial loans, additional risks are inherent in certain classes of noncommercial loans. Revolving mortgage Revolving mortgage loans are often secured by second liens on residential real estate, thereby making such loans particularly susceptible to declining collateral values. A substantial decline in collateral value could render a second lien position to be effectively unsecured. Additional risks include lien perfection inaccuracies, disputes with first lienholders and uncertainty regarding the customer's performance with respect to the first lien that may further weaken the collateral position. Further, the open-end structure of these loans creates the risk that customers may draw on the lines in excess of the collateral value if there have been significant declines since origination. Consumer The consumer loan portfolio includes loans secured by personal property such as automobiles, marketable securities, other titled recreational vehicles including boats and motorcycles, as well as unsecured consumer debt and student loans. The value of underlying collateral within this class is especially volatile due to potential rapid depreciation in values since date of loan origination, potentially in excess of principal balances. Residential mortgage and noncommercial construction and land development Residential mortgage and noncommercial construction and land development loans are made to individuals and are typically secured by 1-4 family residential property, undeveloped land and partially developed land in anticipation of pending construction of a personal residence. Significant and rapid declines in real estate values can result in residential mortgage loan borrowers having debt levels in excess of the current market value of the collateral. Noncommercial construction and land development projects can experience delays in completion and cost overruns that exceed the borrower's financial ability to complete the project. Such cost overruns can routinely result in foreclosure of partially completed and unmarketable collateral. PCI Loans The risks associated with PCI loans are generally consistent with the risks identified for commercial and noncommercial non-PCI loans and leases and the classes of loans within those segments. However, these loans were underwritten by other institutions, often with weaker lending standards. Additionally, in some cases, collateral for PCI loans is located in regions that have experienced erosion of real estate values. Therefore, there exists a significant risk that PCI loans are not adequately supported by borrower cash flow or the values of underlying collateral. The ALLL for PCI loans is estimated based on the expected cash flows approach. Over the life of PCI loans, BancShares continues to estimate cash flows expected to be collected on individual loans or pools of loans sharing common risk characteristics. BancShares evaluates at each balance sheet date whether the estimated cash flows and corresponding present value of its loans and leases determined using their effective interest rates has decreased and if so, recognizes provision for loan and lease losses. For any increases in cash flows expected to be collected, BancShares adjusts any prior recorded allowance for loan and lease losses first and then the amount of accretable yield recognized on a prospective basis over the loan's or pool's remaining life. |
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Reserve for Unfunded Commitments | Reserve for Unfunded Commitments The reserve for unfunded commitments represents the estimated probable losses related to letters of credit. The reserve is calculated in a manner similar to the loans evaluated collectively for impairment, while also considering the applicable regulatory capital credit conversion factors for these off-balance sheet instruments as well as the exposure upon default. The reserve for unfunded commitments is presented within other liabilities on the Consolidated Balance Sheets, distinct from the ALLL, and adjustments to the reserve for unfunded commitments are included in other noninterest expense in the Consolidated Statements of Income. The reserve for unfunded commitments was not material at December 31, 2016 or 2015. |
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Premises and Equipment | Premises and Equipment Premises, equipment and capital leases are stated at cost less accumulated depreciation and amortization. For financial reporting purposes, depreciation and amortization are computed using the straight-line method and are expensed over the estimated useful lives of the assets, which range from 7 to 40 years for premises and 3 to 10 years for furniture, software and equipment. Leasehold improvements are amortized over the terms of the respective leases, including renewal period if renewal period is reasonably assured (often through the presence of a bargain renewal option), or the useful lives of the improvements, whichever is shorter. Gains and losses on dispositions are recorded in other noninterest expense. Maintenance and repairs are charged to occupancy expense or equipment expense as incurred. Obligations under capital leases are amortized over the life of the lease using the effective interest method to allocate payments between principal and interest. Rent expense and rental income on operating leases are recorded in noninterest expense and noninterest income, respectively, using the straight-line method over the appropriate lease terms. |
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Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets BancShares accounts for acquisitions using the acquisition method of accounting. Under acquisition accounting, if the purchase price of an acquired company exceeds the fair value of its net assets, the excess is carried on the acquirer's balance sheet as goodwill. An intangible asset is recognized as an asset apart from goodwill if it arises from contractual or other legal rights or if it is capable of being separated or divided from the acquired entity and sold, transferred, licensed, rented or exchanged. Intangible assets that are separately identifiable assets, such as core deposit intangibles, resulting from acquisitions are amortized on an accelerated basis over an estimated useful life and evaluated for impairment whenever events or changes in circumstances indicate the carrying amount of the assets may not be recoverable. Goodwill is not amortized, but is evaluated at least annually for impairment or more frequently if events occur or circumstances change that may trigger a decline in the value of the reporting unit or otherwise indicate that a potential impairment exists. Examples of such events or circumstances include deterioration of general economic conditions, limitations on accessing capital, other equity and credit market developments, adverse change(s) in the environment in which BancShares operates, regulatory or political developments and changes in management, key personnel, strategy or customers. The evaluation of goodwill is based on a variety of factors, including common stock trading multiples and data from comparable acquisitions. Potential impairment of goodwill exists when the carrying amount of a reporting unit exceeds its fair value. In accordance with ASC 350, Intangibles - Goodwill and Other, the fair value for the reporting unit is computed using various methods including market capitalization, price-earnings multiples, price-to-tangible book and market premium. To the extent the reporting unit's carrying amount exceeds its fair value, an indication exists that the reporting unit's goodwill may be impaired, which would require the second step of impairment testing to be performed. In the second step, the implied fair value of the reporting unit's goodwill is determined by allocating the reporting unit's fair value to all of its assets (recognized and unrecognized) and liabilities as if the reporting unit had been acquired in a business combination at the date of the impairment test. If the implied fair value of the reporting unit's goodwill is lower than its carrying amount, goodwill is impaired and is written down to the implied fair value. The loss recognized is limited to the carrying amount of goodwill. Once an impairment loss is recognized, future increases in fair value will not result in the reversal of previously recognized losses. Annual impairment tests are conducted as of July 31 each year. Based on the July 31, 2016 and 2015, impairment tests, management concluded there was no indication of goodwill impairment. In addition to the annual testing requirement, impairment tests are performed if various other events occur that may trigger a decline in value including significant adverse changes in the business climate, considering various qualitative and quantitative factors to determine whether impairment exists. As the stock market experienced volatility after the annual impairment test, management monitored the volatility and determined it did not indicate an impairment test triggering event. Additionally, there have been no other such events subsequent to the annual impairment test performed during 2016. Mortgage servicing rights (MSRs) are recognized separately when they are retained as loans are sold or acquired through acquisition. When mortgage loans are sold, servicing rights are initially recorded at fair value and gains on sale of loans are recorded within mortgage income in the Consolidated Statements of Income. All classes of servicing assets are subsequently measured using the amortization method which requires servicing rights to be amortized against mortgage income in noninterest income in proportion to, and over the period of, the estimated future net servicing income of the underlying loans with the offset being a reduction in the cost basis of the servicing asset. MSRs are evaluated for impairment quarterly based upon the fair value of the rights as compared to carrying amount. Impairment is determined by stratifying rights into groupings based on predominant risk characteristics and is recorded as a reduction of mortgage income in the Consolidated Statements of Income. If BancShares later determines that all or a portion of the impairment no longer exists for a particular grouping, a reduction of the valuation reserve may be recorded as an increase to mortgage income in the Consolidated Statements of Income, but only to the extent of previous impairment recognized. Other intangible assets with estimable lives are amortized over their estimated useful lives, which are periodically reviewed for reasonableness. Identifiable intangible assets represent the estimated value of the core deposits acquired and certain customer relationships. |
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Securities Sold Under Repurchase Agreements | Securities Sold Under Repurchase Agreements Securities sold under repurchase agreements generally have maturities of one day and are reflected as short-term borrowings on the Consolidated Balance Sheets and are recorded based on the amount of cash received in connection with the borrowing. At December 31, 2016 and 2015, BancShares had $590.8 million and $592.2 million of securities sold under repurchase agreements included as short-term borrowings on the Consolidated Balance Sheets, respectively. |
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Fair Values | Fair Values Fair value disclosures are required for all financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate that value. Under GAAP, individual fair value estimates are ranked on a three-tier scale based on the relative reliability of the inputs used in the valuation. Fair values determined using level 1 inputs rely on active and observable markets to price identical assets or liabilities. In situations where identical assets and liabilities are not traded in active markets, fair values may be determined based on level 2 inputs, which represent observable data for similar assets and liabilities. Fair values for assets and liabilities that are not actively traded in observable markets are based on level 3 inputs, which are considered to be nonobservable. Fair value estimates derived from level 3 inputs cannot be substantiated by comparison to independent markets and, in many cases, cannot be realized through immediate settlement of the instrument. Accordingly, the aggregate fair value amounts presented do not necessarily represent the underlying value to BancShares. For additional information, see Note M |
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Income Taxes | Income Taxes Deferred income taxes are reported when different accounting methods have been used in determining income for income tax purposes and for financial reporting purposes. Deferred taxes are computed using the asset and liability approach as prescribed in ASC 740, Income Taxes. Under this method, a deferred tax asset or liability is determined based on the currently enacted tax rates applicable to the period in which the differences between the financial statement carrying amounts and tax basis of existing assets and liabilities are expected to be reported in BancShares' income tax returns. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date. BancShares continually monitors and evaluates the potential impact of current events on the estimates used to establish income tax expenses and income tax liabilities. On a periodic basis, BancShares evaluates its income tax positions based on current tax law, positions taken by various tax auditors within the jurisdictions that BancShares is required to file income tax returns, as well as potential or pending audits or assessments by such tax auditors. BancShares has unrecognized tax benefits related to the uncertain portion of tax positions that BancShares has taken or expects to take. A liability may be created or an amount refundable may be reduced for the amount of unrecognized tax benefits. These uncertainties result from the application of complex tax laws, rules, regulations and interpretations, primarily in state taxing jurisdictions. Unrecognized tax benefits are assessed quarterly and may be adjusted through current income tax expense in future periods based on changing facts and circumstances, completion of examinations by taxing authorities or expiration of a statute of limitations. Estimated penalties and interest on uncertain tax positions are recognized in income tax expense. BancShares files a consolidated federal income tax return and various combined and separate company state tax returns. |
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Derivative Financial Instruments | Derivative Financial Instruments A derivative is a financial instrument that derives its cash flows, and therefore its value, by reference to an underlying instrument, index or referenced interest rate. These instruments include interest rate swaps, caps, floors, collars, options or other financial instruments designed to hedge exposures to interest rate risk or for speculative purposes. BancShares selectively uses interest rate swaps for interest rate risk management purposes. BancShares had an interest rate swap, entered into during 2011, that qualified as a cash flow hedge under GAAP and converted variable-rate exposure on outstanding debt to a fixed rate. BancShares' interest rate swap agreement expired in June 2016. At December 31, 2015, the fair value of the outstanding derivative was included in other liabilities in the Consolidated Balance Sheets and the net change in fair value was included in the net change in other liabilities on the Consolidated Statements of Cash Flows. BancShares’ interest rate swap was fully effective since inception; therefore, changes in the fair value of the interest rate swap had no impact on net income. There were no speculative derivative financial instruments in any period presented. |
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Per Share Data | Per Share Data Net income per share has been computed by dividing net income by the average number of both classes of common shares outstanding during each period. BancShares had no potential common stock outstanding in any period. Cash dividends per share apply to both Class A and Class B common stock. Shares of Class A common stock carry one vote per share, while shares of Class B common stock carry 16 votes per share. |
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Defined Benefit Pension Plan | Defined Benefit Pension Plan BancShares maintains noncontributory defined benefit pension plans covering certain qualifying employees. The calculation of the obligations and related expenses under the plans require the use of actuarial valuation methods and assumptions. Actuarial assumptions used in the determination of future values of plan assets and liabilities are subject to management judgment and may differ significantly if different assumptions are used. The discount rate assumption used to measure the plan obligations is based on a yield curve developed from high-quality corporate bonds across a full maturity spectrum. The projected cash flows of the pension plans are discounted based on this yield curve, and a single discount rate is calculated to achieve the same present value. The assumed rate of future compensation increases is reviewed annually based on actual experience and future salary expectations. We also estimate a long-term rate of return on pension plan assets that is used to estimate the future value of plan assets. We consider such factors as the actual return earned on plan assets, historical returns on the various asset classes in the plans and projections of future returns on various asset classes. Refer to Note N for disclosures related to BancShares' defined benefit pension plans. |
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Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments This ASU eliminates the requirement to retrospectively account for adjustments made to provisional amounts recognized in a business combination and requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts must be calculated as if the accounting had been completed at the acquisition date. The amendments in this ASU are effective for public business entities for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. The amendments in this ASU should be applied prospectively to adjustments to provisional amounts that occur after the effective date of this ASU with earlier application permitted for financial statements that have not been issued. We adopted the guidance effective in the first quarter of 2016. During the third quarter of 2016, adjustments were made to the acquisition fair value for the FDIC-assisted acquisition of FCSB. The adjustments were primarily based upon updated collateral valuations, resulting in an increase of $837 thousand to the gain on acquisition. These adjustments brought the total gain on the transaction to $3.0 million and are included in noninterest income in the Consolidated Statements of Income. During the second quarter of 2016, adjustments were made to the acquisition fair values for the FDIC-assisted acquisition of NMSB, primarily based upon updated collateral valuations, resulting in an increase of $1.2 million to the gain on acquisition. These adjustments brought the total gain on the transaction to $2.9 million and are included in noninterest income in the Consolidated Statements of Income. FASB ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis This ASU improves targeted areas of consolidation guidance for reporting organizations that are required to evaluate whether they should consolidate certain legal entities. In addition to reducing the number of consolidation models from four to two, the new standard places more emphasis on risk of loss when determining a controlling financial interest, reducing the frequency of the application of related-party guidance when determining a controlling financial interest in a variable interest entity (VIE), and changing consolidation conclusions for public and private companies in several industries that typically make use of limited partnerships or VIEs. The amendments in this ASU are effective for fiscal years beginning after December 15, 2015 for public business entities, including interim periods within those fiscal years. We adopted the guidance effective in the first quarter of 2016. We evaluated our investments in partnerships and limited liability entities under the new guidance and concluded that not consolidating was still appropriate and did not have an impact on our consolidated financial position or consolidated results of operations. Recently Issued Accounting Pronouncements FASB ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash The amendments in this ASU require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. This ASU does not provide a definition of restricted cash or restricted cash equivalents. This ASU is effective for fiscal years beginning after December 15, 2017 for public business entities, including interim periods within those fiscal years. BancShares does not anticipate any affect on our Consolidated Statements of Cash Flows. FASB ASU 2016-17, Consolidation (Topic 810): Interests Held Through Related Parties That Are under Common Control This ASU does not change the characteristics of a primary beneficiary in current GAAP; however, it requires that a reporting entity, in determining whether it satisfies the second characteristic of a primary beneficiary, to include all of its direct variable interests in a VIE and, on a proportionate basis, its indirect variable interests in a VIE held through related parties, including related parties that are under common control with the reporting entity. If, after performing that assessment, a reporting entity that is the single decision maker of a VIE concludes that it does not have the characteristics of a primary beneficiary, the amendments continue to require that reporting entity to evaluate whether it and one or more of its related parties under common control, as a group, have the characteristics of a primary beneficiary, then the party within the related party group that is most closely associated with the VIE is the primary beneficiary. The amendments in this ASU are effective for public business entities for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. We will adopt the guidance during the first quarter of 2017. BancShares does not anticipate any effect on our consolidated financial position or consolidated results of operations as a result of adoption. FASB ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory This ASU states that an entity should recognize the income tax consequences of an intra-entity transfer of an asset other than inventory, such as intellectual property or property, plant and equipment, when the transfer occurs. This ASU does not change GAAP for an intra-entity transfer of inventory. Current GAAP prohibits the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party. The amendments in this ASU are effective for pubic business entities for fiscal years beginning after December 15, 2017, including interim reporting periods within those annual reporting periods, and should be applied on a modified retrospective basis. The adoption of this standard is not expected to have a significant impact on our consolidated financial position or results of operation and we will adopt the guidance during the first quarter of 2018. FASB ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments This ASU addresses the diversity in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The amendments in this ASU provide guidance on (1) debt prepayment or debt extinguishment costs; (2) settlement of zero-coupon debt instruments; (3) contingent consideration payments made after a business combination; (4) proceeds from the settlement of insurance claims; (5) proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies; (6) distributions received from equity method investees; (7) beneficial interests in securitization transactions; and (8) separately identifiable cash flows and application of the predominance principle. The amendments in this ASU are effective for public business entities for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. The guidance requires application using a retrospective transition method. We will adopt the guidance during the first quarter of 2018. The adoption of this standard is not expected to have a significant impact on our Consolidated Statements of Cash Flows. FASB ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments This ASU eliminates the delayed recognition of the full amount of credit losses until the loss was probable of occurring and instead will reflect an entity's current estimate of all expected credit losses. The amendments in this ASU broaden the information that an entity must consider in developing its expected credit loss estimate for assets measured either collectively or individually. The ASU does not specify a method for measuring expected credit losses and allows an entity to apply methods that reasonably reflect its expectations of the credit loss estimate based on the entity's size, complexity and risk profile. In addition, the disclosures of credit quality indicators in relation to the amortized cost of financing receivables, a current disclosure requirement, are further disaggregated by year of origination. The amendments in this ASU are effective for public business entities for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2018. We will adopt the guidance by the first quarter of 2020 with a cumulative-effect adjustment to retained earnings as of the beginning of the year of adoption. We are currently evaluating the impact the new standard will have on our consolidated financial statements. Upon adoption, our allowance for loan and lease losses will be impacted by the loan portfolio composition and quality at the adoption date as well as economic conditions and forecasts at that time. FASB ASU 2016-07, Investments—Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting This ASU eliminates the requirement that when an investment qualifies for use of the equity method as a result of an increase in the level of ownership interest or degree of influence, an investor must adjust the investment, results of operations, and retained earnings retroactively on a step-by-step basis as if the equity method had been in effect during all previous periods that the investment had been held. The ASU requires that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor's previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. Therefore, upon qualifying for the equity method of accounting, no retroactive adjustment of the investment is required. Further, the ASU requires that an entity that has an available-for-sale equity security that becomes qualified for the equity method of accounting recognize through earnings, the unrealized gain or loss in accumulated other comprehensive income at the date the investment becomes qualified for use of the equity method. The amendments in this ASU are effective for all entities for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted. We will adopt the guidance during the first quarter of 2017. BancShares does not anticipate any effect on our consolidated financial position or consolidated results of operations as a result of adoption. FASB ASU 2016-02, Leases (Topic 842) This ASU increases transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The key difference between existing standards and this ASU is the requirement for lessees to recognize on their balance sheet all lease contracts. An entity may make an accounting election by classification to not recognize leases with terms less than 12 months on their balance sheet. Both a right-of-use asset, representing the right to use the leased asset, and a lease liability, representing the contractual obligation, are required to be recognized on the balance sheet of the lessee at lease commencement. Further, this ASU requires lessees to classify leases as either operating or finance leases, which are substantially similar to the current operating and capital leases classifications. The distinction between these two classifications under the new standard does not relate to balance sheet treatment, but relates to treatment in the statements of income and cash flows. Lessor guidance remains largely unchanged with the exception of how a lessor determines the appropriate lease classification for each lease to better align the lessor guidance with revised lessee classification guidance. The amendments in this ASU are effective for public business entities for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. We will adopt during the first quarter of 2019. While we are currently evaluating the impact of the new standard, we expect an increase to the Consolidated Balance Sheets for right-of-use assets and associated lease liabilities, as well as resulting depreciation expense of the right-of-use assets and interest expense of the lease liabilities in the Consolidated Statements of Income, for arrangements previously accounted for as operating leases. FASB ASU 2016-01, Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities This ASU addresses certain aspects of recognition, measurement, presentation and disclosure of certain financial instruments. The amendments in this ASU (1) require equity investments to be measured at fair value with changes in fair value recognized in net income; (2) simplify the impairment assessment of equity investments without a readily determinable fair value; (3) eliminate the requirement to disclose the method(s) and significant assumptions used to estimate the fair value for financial instruments measured at amortized cost on the balance sheet; (4) require public business entities to use exit price notion, rather than entry prices, when measuring fair value of financial instruments for disclosure purposes; (5) require separate presentation of financial assets and financial liabilities by measurement category and form of financial assets on the balance sheet or the accompanying notes to the financial statements; (6) require separate presentation in other comprehensive income of the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the organization has elected to measure the liability at fair value in accordance with the fair value option for financial instruments; and (7) state that a valuation allowance on deferred tax assets related to available-for-sale securities should be evaluated in combination with other deferred tax assets. The amendments in this ASU are effective for public business entities for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The ASU only permits early adoption of the instrument-specific credit risk provision. We will adopt during the first quarter of 2018 with a cumulative-effect adjustment from AOCI to retained earnings as of the beginning of the year of adoption. We are currently evaluating the impact the new standard will have on our consolidated financial statements. The cumulative-effect adjustment will be impacted by the equity securities portfolio composition and valuation at the date of adoption. FASB ASU 2014-09, Revenue from Contracts with Customers (Topic 606) In May 2014, the FASB issued a standard on the recognition of revenue from contracts with customers with the core principle being for companies to recognize revenue to depict the transfer of goods or services to customers in amounts that reflect the consideration to which the company expects to be entitled in exchange for those goods or services. The new standard also results in enhanced disclosures about revenue, provides guidance for transactions that were not previously addressed comprehensively and improves guidance for multiple-element arrangements. In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations, to improve the operability and understandability of the implementation guidance on principal versus agent considerations. In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing, to clarify guidance for identifying performance obligations and licensing implementation. In May 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients, to clarify and improve the guidance for certain aspects of Topic 606. Per ASU 2015-14, Deferral of the Effective Date, this guidance was deferred and is effective for fiscal periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Early adoption is permitted for fiscal periods beginning after December 15, 2016. Our revenue is comprised of net interest income on financial assets and liabilities, which is explicitly excluded from the scope of the new guidance, and noninterest income. We continue to evaluate the impact of the new standard on our noninterest income and on our presentation and disclosures. We expect to adopt the ASU during the first quarter of 2018 with a cumulative-effect adjustment to opening retained earnings and the modified retrospective approach will likely be used. |
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Schedule of Assets Acquired and Liabilities Assumed | The following table provides the purchase price as of the acquisition date and the identifiable assets acquired and liabilities assumed at their estimated fair values.
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Schedule of Assets Acquired and Liabilities Assumed | The following table provides the identifiable assets acquired and liabilities assumed at their estimated fair values as of the acquisition date.
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Schedule of Assets Acquired and Liabilities Assumed | The following table provides the identifiable assets acquired and liabilities assumed at their estimated fair values as of the acquisition date.
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Investments (Tables) |
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Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate Values And Unrealized Gains And Losses Of Investment Securities | The amortized cost and fair value of investment securities classified as available for sale and held to maturity at December 31, 2016 and 2015, were as follows:
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Investment Securities Maturity Information | The following table provides the amortized cost and fair value by contractual maturity. Expected maturities will differ from contractual maturities on certain securities because borrowers and issuers may have the right to call or prepay obligations with or without prepayment penalties. Repayments of mortgage-backed securities are dependent on the repayments of the underlying loan balances. Equity securities do not have a stated maturity date.
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Securities Gains (Losses) | For each period presented, securities gains (losses) include the following:
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Investment Securities With Unrealized Losses | The following table provides information regarding securities with unrealized losses as of December 31, 2016 and 2015:
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Loans and Leases (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Loans and Leases Receivable Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans And Leases Outstanding | Loans and leases outstanding include the following at December 31, 2016 and 2015:
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Composition Of The Loans And Leases Outstanding By Credit Quality Indicator | The composition of the loans and leases outstanding at December 31, 2016, and December 31, 2015, by credit quality indicator is provided below:
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Aging Of The Outstanding Loans And Leases By Class Excluding Loans Impaired At Acquisition Date | The aging of the outstanding non-PCI loans and leases, by class, at December 31, 2016, and December 31, 2015 is provided in the table below. The calculation of days past due begins on the day after payment is due and includes all days through which all required interest or principal has not been paid. Loans and leases 30 days or less past due are considered current as various grace periods that allow borrowers to make payments within a stated period after the due date and still remain in compliance with the loan agreement.
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Recorded Investment, By Class, In Loans And Leases On Nonaccrual Status And Loans And Leases Greater Than 90 Days Past Due And Still Accruing | The recorded investment, by class, in loans and leases on nonaccrual status, and loans and leases greater than 90 days past due and still accruing at December 31, 2016 and December 31, 2015 for non-PCI loans, were as follows:
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Schedule of Contractually Required Payments Including Principal and Interest Expected Cash Flows to be Collected and Fair Values [Table Text Block] | The following table relates to purchased non-PCI loans and leases acquired in the Cordia transaction during 2016 and provides the contractually required payments, estimate of contractual cash flows not expected to be collected and fair value of the acquired loans at the acquisition date.
The following table relates to PCI loans acquired in the NMSB and FCSB acquisitions for 2016 and the CCBT acquisition for 2015. The table summarizes the contractually required payments, which include principal and interest, expected cash flows to be collected, and the fair value of PCI loans at the respective acquisition dates.
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Changes In Carrying Value Of Acquired Impaired Loans | The recorded fair values of PCI loans acquired in the NMSB, FCSB and CCBT transactions as of their respective acquisition date were as follows:
The following table provides changes in the carrying value of PCI loans during the years ended December 31, 2016 and 2015:
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Changes In The Amount Of Accretable Yield | The recorded fair values of purchased non-PCI loans and leases acquired in the Cordia transaction as of the acquisition date are as follows:
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Schedule of Loans Receivable (Tables) |
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Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans And Leases Outstanding | Loans and leases outstanding include the following at December 31, 2016 and 2015:
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Allowance for Loan and Lease Losses Allowance for Loan and Lease Losses (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allocation of Allowance for Loan and Lease Losses [Table Text Block] | Activity in the allowance for loan and lease losses is as follows:
Activity in the allowance for loan and lease losses, ending balances of loans and leases and related allowance by class of loans is summarized as follows:
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Allowance for Loan and Lease Losses | The following tables provide information on non-PCI impaired loans and leases, exclusive of loans and leases evaluated collectively as a homogeneous group, including interest income recognized in the period during which the loans and leases were considered impaired.
The following tables show the average non-PCI impaired loan balance and the interest income recognized by loan class for the years ended December 31, 2016, 2015 and 2014:
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Troubled Debt Restructuring, Summary of Accrual Status [Table Text Block] | Subsequent modification of a PCI loan accounted for in a pool that would otherwise meet the definition of a TDR is not reported, or accounted for, as a TDR since pooled PCI loans are excluded from the scope of TDR accounting. The following table provides a summary of total TDRs by accrual status.
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Troubled Debt Restructurings on Financing Receivables | The following tables provide the types of TDRs made during the year ended December 31, 2016, and 2015, as well as a summary of loans that were modified as a TDR during the year ended December 31, 2016, and 2015 that subsequently defaulted during the year ended December 31, 2016, and 2015. BancShares defines payment default as movement of the TDR to nonaccrual status, which is generally 90 days past due for TDRs, foreclosure or charge-off, whichever occurs first.
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Premises and Equipment (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Premises and Equipment | Major classifications of premises and equipment at December 31, 2016 and 2015 are summarized as follows:
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Future Minimum Rental Payments for Operating Leases | Future minimum rental commitments for noncancellable operating leases with initial or remaining terms of one or more years consisted of the following at December 31, 2016:
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Other Real Estate Owned (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in Other Real Estate Owned | The following table explains changes in other real estate owned during 2016 and 2015.
(1) Transfers include OREO balances associated with expired or terminated shared-loss agreements. At December 31, 2016 and December 31, 2015, BancShares had $15.0 million and $16.1 million, respectively, of foreclosed residential real estate property in OREO. The recorded investment in consumer mortgage loans collateralized by residential real estate property in the process of foreclosure totaled $21.8 million and $15.6 million at December 31, 2016 and December 31, 2015, respectively. |
FDIC Shared-Loss Receivable and Payable (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FDIC Loss Share Receivable [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in Receivable From FDIC | The following table provides changes in the receivable from the FDIC for the years ended December 31, 2016, 2015 and 2014:
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Deposits (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits at December 31 are summarized as follows:
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Maturities Of Time Deposits | At December 31, 2016, the scheduled maturities of time deposits were:
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Short-Term Borrowings (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Short-term Debt | Short-term borrowings at December 31 are as follows:
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Repurchase Agreements (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase Agreements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Repurchase Agreements [Table Text Block] | The remaining contractual maturity of the securities sold under agreements to repurchase by class of collateral pledged included in the Consolidated Balance Sheets as of December 31, 2016 and December 31, 2015 is presented in the following tables.
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Long-Term Obligations (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Obligations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt Instruments | ong-term obligations at December 31 include:
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Schedule of Maturities of Long-term Debt | Long-term obligations maturing in each of the five years subsequent to December 31, 2016 and thereafter include:
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Estimated Fair Values (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated Fair Values For Certain Financial Assets And Financial Liabilities | For all other financial assets and financial liabilities, the carrying value is a reasonable estimate of the fair value as of December 31, 2016 and December 31, 2015. The carrying value and fair value for these assets and liabilities are equivalent because they are relatively short term in nature and there is no interest rate or credit risk that would cause the fair value to differ from the carrying value. Cash and due from banks is classified on the fair value hierarchy as Level 1. Overnight investments, income earned not collected, short-term borrowings and accrued interest payable are considered Level 2. Lastly, the receivable from the FDIC for shared-loss agreements is designated as Level 3.
(1) The interest rate swap agreement expired in June 2016. |
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Assets And Liabilities Carried At Fair Value On A Recurring Basis | Among BancShares’ assets and liabilities, investment securities available for sale, loans held for sale and interest rate swaps accounted for as cash flow hedges are reported at their fair values on a recurring basis. For assets and liabilities carried at fair value on a recurring basis, the following table provides fair value information as of December 31, 2016 and December 31, 2015.
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Fair Value Option | The following table summarizes the difference between the aggregate fair value and the aggregate unpaid principal balance for residential real estate loans held for sale measured at fair value as of December 31, 2016 and 2015.
No loans held for sale were 90 or more days past due or on nonaccrual status as of December 31, 2016 and 2015. The changes in fair value for residential real estate loans held for sale for which we elected the fair value option are included in the table below for the years ended December 31, 2016 and 2015.
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Assets And Liabilities Carried At Fair Value On A Nonrecurring Basis | For financial assets and liabilities carried at fair value on a nonrecurring basis, the following table provides fair value information as of December 31, 2016 and December 31, 2015.
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Employee Benefit Plans (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Amount Included in Accumulated Other Comprehensive Income (Loss) | Accumulated other comprehensive loss included the following at December 31, 2016 and 2015:
The following table highlights changes in accumulated other comprehensive (loss) income by component for the years ended December 31, 2016 and 2015:
(1) All amounts are net of tax. Amounts in parentheses indicate debits. |
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Schedule of Expected Benefit Payments | Cash Flows Following are estimated payments to pension plan participants in the indicated periods for each plan:
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Deferred Benefit Plans Liability Rollforward | The following table provides the accrued liability as of December 31, 2016 and 2015, and the changes in the accrued liability during the years then ended:
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BancShares Plan | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Funded Status | The following table provides the changes in benefit obligation and plan assets and the funded status of the plan at December 31, 2016 and 2015.
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Schedule of Amounts Recognized in the Balance Sheets | The amounts recognized in the consolidated balance sheets at December 31, 2016 and 2015 consist of:
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Schedule of Amount Included in Accumulated Other Comprehensive Income (Loss) | The following table details the amounts recognized in accumulated other comprehensive income at December 31, 2016 and 2015.
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Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year | The following table provides expected amortization amounts for 2017.
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Schedule of Net Benefit Costs | The following table shows the components of periodic benefit cost related to the pension plan and changes in plan assets and benefit obligations recognized in other comprehensive income for the years ended December 31, 2016, 2015 and 2014.
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Schedule of Assumptions Used | The assumptions used to determine the benefit obligations at December 31, 2016 and 2015 are as follows:
The assumptions used to determine the net periodic benefit cost for the years ended December 31, 2016, 2015 and 2014, are as follows:
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Schedule of Fair Value and Allocation of Plan Assets | BancShares Plan The fair values of pension plan assets at December 31, 2016 and 2015, by asset class are as follows:
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Bancorporation Plan | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Funded Status | The following table provides the changes in benefit obligation and plan assets and the funded status of the plan at December 31, 2016 and 2015.
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Schedule of Amounts Recognized in the Balance Sheets | The amounts recognized in the consolidated balance sheets at December 31, 2016 and 2015 consist of:
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Schedule of Amount Included in Accumulated Other Comprehensive Income (Loss) | The following table details the amounts recognized in accumulated other comprehensive income at December 31, 2016 and 2015.
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Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year | The following table provides expected amortization amounts for 2017.
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Schedule of Net Benefit Costs | The following table shows the components of periodic benefit cost related to the pension plan and changes in plan assets and benefit obligations recognized in other comprehensive income for the years ended December 31, 2016 and 2015. For 2014, the table only includes amounts after the October 1 acquisition of Bancorporation.
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Schedule of Assumptions Used | The assumptions used to determine the benefit obligations at December 31, 2016 and 2015 are as follows:
The assumptions used to determine the net periodic benefit cost for the years ended December 31, 2016, 2015 and 2014 are as follows:
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Schedule of Fair Value and Allocation of Plan Assets |
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Other Noninterest Income and Other Noninterest Expense (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest Expense [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Operating Cost and Expense, by Component |
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Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) | At December 31, income tax expense consisted of the following:
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Schedule of Effective Income Tax Rate Reconciliation | Income tax expense differed from the amounts computed by applying the federal income tax rate of 35 percent to pretax income as a result of the following:
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Schedule of Deferred Tax Assets and Liabilities | The net deferred tax asset included the following components at December 31:
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Schedule of Unrecognized Tax Benefits | The following table provides a rollforward of Bancshares’ gross unrecognized tax benefits, excluding interest and penalties, during the years ended December 31:
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Transactions with Related Persons (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Related Party Transactions | For those identified as Related Persons as of December 31, 2016, the following table provides an analysis of changes in the loans outstanding during 2016 and 2015:
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Derivatives (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Accumulated Other Comprehensive Income (Loss) | Accumulated other comprehensive loss included the following at December 31, 2016 and 2015:
The following table highlights changes in accumulated other comprehensive (loss) income by component for the years ended December 31, 2016 and 2015:
(1) All amounts are net of tax. Amounts in parentheses indicate debits. |
Goodwill and Intangible Assets (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in Goodwill | The following table presents the changes in the carrying amount of goodwill for the years ended December 31, 2016 and 2015:
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Mortgage Servicing Rights Key Economic Assumptions Used to Value | Key economic assumptions used to value mortgage servicing rights as of December 31, 2016 and 2015 were as follows:
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Schedule of Mortgage Servicing Rights at Amortized Cost | The activity of the servicing asset for the years ended December 31, 2016, 2015 and 2014 is presented in the following table:
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Schedule of Valuation Allowance for Impairment of Recognized Servicing Assets [Table Text Block] | The following table presents the activity in the servicing asset valuation allowance for the years ended December 31, 2016, 2015 and 2014:
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Schedule of Other Intangible Assets | The following information relates to other intangible assets, all customer-related, which are being amortized over their estimated useful lives:
Core deposit intangibles comprise the majority of the other intangible assets as of December 31, 2016 and 2015. During 2016, BancShares recognized $240 thousand, $390 thousand and $2.2 million in core deposit intangibles related to the NMSB, FCSB and Cordia acquisitions, respectively. During 2015, BancShares recognized $690 thousand in core deposit intangibles related to the CCBT merger. Core deposit intangibles of $85 thousand were written off in 2015 as it related to previously acquired deposits that were sold in connection with the sale of a branch in December 2015. Intangible assets generated by acquisitions, which represent the estimated fair value of core deposits and other customer relationships that were acquired, are being amortized on an accelerated basis over their estimated useful lives. The estimated useful remaining lives range from 2 years to less than 9 years. The gross amount of other intangible assets and accumulated amortization as of December 31, 2016 and 2015, are:
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Future Amortization Expense Schedule | Based on current estimated useful lives and carrying values, BancShares anticipates amortization expense for intangible assets in subsequent periods will be:
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Shareholders' Equity, Dividends Restrictions and Other Regulatory Matters (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Regulatory Capital Requirements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Compliance with Regulatory Capital Requirements | Following is an analysis of capital ratios under Basel III guidelines for BancShares and FCB as of December 31, 2016 and 2015:
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Accumulated Other Comprehensive Loss (Tables) |
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Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Accumulated Other Comprehensive Income (Loss) | Accumulated other comprehensive loss included the following at December 31, 2016 and 2015:
The following table highlights changes in accumulated other comprehensive (loss) income by component for the years ended December 31, 2016 and 2015:
(1) All amounts are net of tax. Amounts in parentheses indicate debits. |
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Reclassification out of Accumulated Other Comprehensive Income |
(1) Amounts in parentheses indicate debits to profit/loss. |
Parent Company Financial Statements (Tables) |
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Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Balance Sheets |
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Condensed Income Statements |
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Condensed Statements of Cash Flows |
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Investments (Securities Gains (Losses)) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Investments [Abstract] | |||
Gross gains on sales of investment securities available for sale | $ 27,104 | $ 10,834 | $ 29,129 |
Gross losses on sales of investment securities available for sale | (431) | (17) | (33) |
Total securities gains (losses) | $ 26,673 | $ 10,817 | $ 29,096 |
Investments (Narrative) (Details) |
12 Months Ended | |
---|---|---|
Dec. 31, 2016
USD ($)
investments
|
Dec. 31, 2015
USD ($)
|
|
Investments [Abstract] | ||
Available-for-sale Securities, Aggregate fair value, continuous unrealized loss position, 12 months or more | $ 362,351,000 | $ 280,126,000 |
Number of investments in continuous unrealized loss position for more than twelve months | investments | 51 | |
Unrealized losses related to marketability of securities or issuers ability to honor redemption obligations | $ 0 | 0 |
Investment value deemed to be OTTI | 0 | |
Investment securities, aggregate carrying value, pledged as collateral | $ 4,548,628,000 | $ 4,726,446,000 |
Premises and Equipment (Major Classifications) (Details) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 1,859,822 | $ 1,810,954 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 726,778 | 675,125 |
Property, Plant and Equipment, Net | 1,133,044 | 1,135,829 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 285,612 | 279,932 |
Premises and leasehold improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 1,130,650 | 1,089,644 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 443,560 | $ 441,378 |
Premises and Equipment (Operating Leases) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
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Property, Plant and Equipment [Abstract] | |||
Due 2014 | $ 26,068 | ||
Due 2015 | 22,000 | ||
Due 2016 | 13,295 | ||
Due 2017 | 7,081 | ||
Due 2018 | 6,114 | ||
Due thereafter | 43,133 | ||
Total minimum payments | 117,691 | ||
Rent expense, net | 13,000 | $ 13,800 | $ 18,500 |
Rent income | $ 6,500 | $ 6,400 | $ 2,700 |
Other Real Estate Owned (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
||||
Real Estate Properties [Line Items] | |||||
Mortgage Loans in Process of Foreclosure, Amount | $ 21,800 | $ 15,600 | |||
Covered | |||||
Beginning Balance | 6,817 | 22,982 | |||
Additions | 4,888 | 7,357 | |||
Sales | (937) | (19,629) | |||
Write-downs | (580) | (1,478) | |||
Other Real Estate Covered Transfers | (9,716) | [1] | (2,415) | ||
Noncovered | |||||
Beginning balance | 58,742 | 70,454 | |||
Additions | 30,384 | 47,866 | |||
Sales | (33,241) | (56,853) | |||
Write-downs | (6,387) | (5,140) | |||
Other Real Estate Non Covered Transfers | 9,716 | [1] | 2,415 | ||
Total | |||||
Beginning balance | 65,559 | 93,436 | |||
Additions | 35,272 | 55,223 | |||
Sales | (34,178) | (76,482) | |||
Write-downs | (6,967) | (6,618) | |||
Other Real Estate Transfers | 0 | [1] | 0 | ||
Ending balance | 61,231 | 65,559 | |||
Cordia Bancorp Inc. | |||||
Covered | |||||
Additions | 0 | ||||
Noncovered | |||||
Additions | 1,200 | ||||
Total | |||||
Additions | 1,200 | ||||
First CornerStone Bank | |||||
Covered | |||||
Additions | 0 | ||||
Noncovered | |||||
Additions | 400 | ||||
Total | |||||
Additions | 400 | ||||
Mortgage | |||||
Total | |||||
Beginning balance | 16,071 | ||||
Ending balance | $ 15,019 | $ 16,071 | |||
|
Mortgage Servicing Rights (Details) - USD ($) |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
---|---|---|---|---|
Mortgage Banking [Abstract] | ||||
Servicing Asset at Amortized Cost | $ 20,415,000 | $ 19,351,000 | $ 16,688,000 | $ 16,000 |
Deposits (Details) - USD ($) |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Deposits [Abstract] | ||
FDIC Deposit Insurance Limit | $ 250,000 | |
Time Deposits Greater than $250,000, Carrying Value | 519,700,000 | $ 590,600,000 |
Deposits, by Type [Abstract] | ||
Demand | 10,130,549,000 | 9,274,470,000 |
Checking With Interest | 4,919,727,000 | 4,445,353,000 |
Money market accounts | 8,193,392,000 | 8,205,705,000 |
Savings | 2,099,579,000 | 1,909,021,000 |
Time | 2,818,096,000 | 3,096,206,000 |
Total deposits | 28,161,343,000 | $ 26,930,755,000 |
Maturities of Time Deposits [Abstract] | ||
2014 | 1,984,571,000 | |
2015 | 435,823,000 | |
2016 | 175,359,000 | |
2017 | 154,294,000 | |
2018 | 68,046,000 | |
Thereafter | $ 3,000 |
Short-Term Borrowings (Details) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Short-term Debt [Line Items] | ||
Short-term borrowings | $ 603,487 | $ 594,733 |
Federal Home Loan Bank Advances, Current Borrowing Capacity | 4,840,000 | 5,570,000 |
Repurchase Agreements [Member] | ||
Short-term Debt [Line Items] | ||
Short-term borrowings | 590,772 | 592,182 |
Federal Home Loan Bank Advances [Member] | ||
Short-term Debt [Line Items] | ||
Short-term borrowings | 10,000 | 0 |
Federal Funds Purchased [Member] | ||
Short-term Debt [Line Items] | ||
Short-term borrowings | 2,551 | 2,551 |
Unsecured Debt [Member] | ||
Short-term Debt [Line Items] | ||
Line of Credit Facility, Remaining Borrowing Capacity | 715,000 | |
Unamortized Purchase Accounting Adjustments [Member] | ||
Short-term Debt [Line Items] | ||
Short-term borrowings | $ 164 | $ 0 |
Estimated Fair Values (Assets And Liabilities Carried At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | $ 7,006,580 | $ 6,861,293 |
Loans held for sale | 74,401 | 59,766 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 7,006,580 | 6,861,293 |
Loans held for sale | 74,401 | 59,766 |
Interest rate swaps accounted for as cash flow hedges | 1,429 | |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1 Inputs) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 29,145 | 1,668 |
Loans held for sale | 0 | 0 |
Interest rate swaps accounted for as cash flow hedges | 0 | |
Fair Value, Measurements, Recurring | Quoted Prices for Similar Assets and Liabilities (Level 2 Inputs) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 6,977,435 | 6,859,625 |
Loans held for sale | 74,401 | 59,766 |
Interest rate swaps accounted for as cash flow hedges | 1,429 | |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 0 | 0 |
Loans held for sale | 0 | 0 |
Interest rate swaps accounted for as cash flow hedges | 0 | |
Fair Value, Measurements, Recurring | U.S. Treasury | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 1,650,319 | 1,674,882 |
Fair Value, Measurements, Recurring | U.S. Treasury | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1 Inputs) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | U.S. Treasury | Quoted Prices for Similar Assets and Liabilities (Level 2 Inputs) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 1,650,319 | 1,674,882 |
Fair Value, Measurements, Recurring | U.S. Treasury | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Government Agency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 40,398 | 498,660 |
Fair Value, Measurements, Recurring | Government Agency | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1 Inputs) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Government Agency | Quoted Prices for Similar Assets and Liabilities (Level 2 Inputs) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 40,398 | 498,660 |
Fair Value, Measurements, Recurring | Government Agency | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Mortgage Backed Securities, Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 5,175,425 | 4,668,198 |
Fair Value, Measurements, Recurring | Mortgage Backed Securities, Other | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1 Inputs) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Mortgage Backed Securities, Other | Quoted Prices for Similar Assets and Liabilities (Level 2 Inputs) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 5,175,425 | 4,668,198 |
Fair Value, Measurements, Recurring | Mortgage Backed Securities, Other | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Other Debt Obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 7,369 | 2,160 |
Fair Value, Measurements, Recurring | Other Debt Obligations | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1 Inputs) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Other Debt Obligations | Quoted Prices for Similar Assets and Liabilities (Level 2 Inputs) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 7,369 | 2,160 |
Fair Value, Measurements, Recurring | Other Debt Obligations | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Equity Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 83,507 | 8,893 |
Fair Value, Measurements, Recurring | Equity Securities | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1 Inputs) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 29,145 | 1,668 |
Fair Value, Measurements, Recurring | Equity Securities | Quoted Prices for Similar Assets and Liabilities (Level 2 Inputs) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 54,362 | 7,225 |
Fair Value, Measurements, Recurring | Equity Securities | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Corporate Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 49,562 | 8,500 |
Fair Value, Measurements, Recurring | Corporate Bonds | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1 Inputs) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Corporate Bonds | Quoted Prices for Similar Assets and Liabilities (Level 2 Inputs) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 49,562 | 8,500 |
Fair Value, Measurements, Recurring | Corporate Bonds | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | $ 0 | $ 0 |
Estimated Fair Values (Fair Value Option) (Details) - Loans Held For Sale - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | $ (2,368) | $ 176 |
Fair Value Of Items For Which Fair Value Option Was Elected Assets | 74,401 | 59,766 |
Aggregate Unpaid Principal Balance Of Items For Which Fair Value Option Was Elected Assets | 75,893 | 58,890 |
Fair Value Option Aggregate Difference Assets | $ (1,492) | $ 876 |
Estimated Fair Values (Assets And Liabilities Carried At Fair Value On A Nonrecurring Basis) (Details) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Other Real Estate, Non Covered | $ 60,759 | $ 58,742 | $ 70,454 |
Other Real Estate, Covered | 472 | 6,817 | $ 22,982 |
Fair Value, Measurements, Nonrecurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired loans not covered by loss share agreements | 70,977 | 64,197 | |
Other Real Estate, Non Covered | 44,963 | 44,571 | |
Other Real Estate, Covered | 439 | 4,403 | |
Mortgage servicing assets | 342 | 17,997 | |
Fair Value, Measurements, Nonrecurring | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1 Inputs) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired loans not covered by loss share agreements | 0 | 0 | |
Other Real Estate, Non Covered | 0 | 0 | |
Other Real Estate, Covered | 0 | 0 | |
Mortgage servicing assets | 0 | 0 | |
Fair Value, Measurements, Nonrecurring | Quoted Prices for Similar Assets and Liabilities (Level 2 Inputs) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired loans not covered by loss share agreements | 0 | 0 | |
Other Real Estate, Non Covered | 0 | 0 | |
Other Real Estate, Covered | 0 | 0 | |
Mortgage servicing assets | 0 | 0 | |
Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired loans not covered by loss share agreements | 70,977 | 64,197 | |
Other Real Estate, Non Covered | 44,963 | 44,571 | |
Other Real Estate, Covered | 439 | 4,403 | |
Mortgage servicing assets | $ 342 | $ 17,997 |
Employee Benefit Plans (Narrative) (Details) - USD ($) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2007 |
|
Defined Benefit Plan Disclosure [Line Items] | ||||
Deferred Compensation Cash-based Arrangements, Liability, Current and Noncurrent | $ 28,400 | $ 24,500 | ||
Defined Benefit Plan, Target Allocation Variance | 10.00% | |||
Defined Contribution Plan, Cost Recognized | $ 23,500 | 22,600 | $ 16,400 | |
Employer contributions | $ 50,000 | $ 30,000 | ||
Percent of employer match | 100.00% | 4.50% | ||
Percentage of employee compensation matched | 6.00% | |||
Additional contribution if employed at end of year | 3.00% | |||
BancShares Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Actual % of Plan Assets | 100.00% | 100.00% | ||
Defined Benefit Plan, Accumulated Benefit Obligation | $ 587,327 | $ 533,125 | ||
Employer contributions | $ 50,000 | $ 30,000 | ||
Assumed discount rate (percent) | 4.68% | 4.27% | 4.90% | |
Assumed rate of salary increases | 4.00% | 4.00% | 4.00% | |
Expected long-term rate of return on plan assets (percent) | 7.50% | 7.50% | 7.50% | |
Bancorporation Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Curtailments | $ 0 | $ (2,076) | $ 0 | |
Defined Benefit Plan, Accumulated Benefit Obligation | $ 143,676 | $ 131,879 | ||
Assumed discount rate (percent) | 4.68% | 4.27% | 4.35% | |
Assumed rate of salary increases | 4.00% | 4.00% | 4.00% | |
Expected long-term rate of return on plan assets (percent) | 7.50% | 7.50% | 7.50% | |
Bancorporation Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Contribution Plan, Cost Recognized | $ 1,100 | |||
401(k) Matching Range 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percent of employer match | 50.00% | |||
Percentage of employee compensation matched | 3.00% | |||
401(k) Matching Range 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percent of employer match | 100.00% | |||
Percentage of employee compensation matched | 3.00% |
Employee Benefit Plans (Funded Status Of Plans) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Employer contributions | $ 50,000 | $ 30,000 | |
BancShares Plan | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at January 1 | 611,502 | 627,645 | |
Service cost | 12,618 | 14,083 | $ 12,332 |
Interest cost | 28,892 | 26,975 | 25,615 |
Actuarial (gain) loss | 40,571 | (39,002) | |
Benefits paid | (20,356) | (18,199) | |
Benefit obligation at December 31 | 673,227 | 611,502 | 627,645 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets, beginning balance | 550,025 | 544,956 | |
Actual return on plan assets | 20,947 | (6,732) | |
Employer contributions | 50,000 | 30,000 | |
Benefits paid | (20,356) | (18,199) | |
Fair value of plan assets, ending balance | 600,616 | 550,025 | 544,956 |
Funded status | (72,611) | (61,477) | |
Bancorporation Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Curtailments | 0 | (2,076) | 0 |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at January 1 | 143,241 | 151,332 | |
Service cost | 2,567 | 3,341 | 832 |
Interest cost | 6,775 | 6,393 | 1,488 |
Actuarial (gain) loss | 9,682 | (10,937) | |
Benefits paid | (5,434) | (4,812) | |
Benefit obligation at December 31 | 156,831 | 143,241 | 151,332 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets, beginning balance | 150,893 | 155,618 | |
Actual return on plan assets | 6,625 | 87 | |
Benefits paid | (5,434) | (4,812) | |
Fair value of plan assets, ending balance | 152,084 | 150,893 | $ 155,618 |
Funded status | $ (4,747) | $ 7,652 |
Employee Benefit Plans (Amounts Recognized in the Financial Statements) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
|
BancShares Plan | ||
Amounts recognized in the consolidated balance sheets | ||
Other assets | $ 0 | $ 0 |
Other liabilities | 72,611 | 61,477 |
Net asset (liability) recognized | 72,611 | 61,477 |
Amount recognized in accumulated other comprehensive income | ||
Net loss (gain) | 119,766 | 70,358 |
Less prior service cost | 347 | 556 |
Accumulated other comprehensive loss, excluding income taxes | 120,113 | 70,914 |
Actuarial loss | 8,938 | |
Prior service cost | 210 | |
Total | 9,148 | |
Bancorporation Plan | ||
Amounts recognized in the consolidated balance sheets | ||
Other assets | 0 | 0 |
Other liabilities | 4,747 | 7,652 |
Net asset (liability) recognized | 4,747 | 7,652 |
Amount recognized in accumulated other comprehensive income | ||
Net loss (gain) | 21,661 | 7,505 |
Less prior service cost | 0 | 0 |
Accumulated other comprehensive loss, excluding income taxes | 21,661 | $ 7,505 |
Actuarial loss | 855 | |
Prior service cost | 0 | |
Total | $ 855 |
Employee Benefit Plans (Net Benefit Cost) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total change in pension obligation, net of tax | $ 7,069 | $ 11,586 | $ 5,358 |
BancShares Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | 12,618 | 14,083 | 12,332 |
Interest cost | 28,892 | 26,975 | 25,615 |
Expected return on assets | (36,643) | (33,198) | (31,269) |
Amortization of prior service cost | (210) | (210) | (210) |
Amortization of net actuarial loss | 6,859 | 11,376 | 5,148 |
Total pension expense | 11,936 | 19,446 | 12,036 |
Current year actuarial gain (loss) | (56,268) | (927) | (69,349) |
Total change in pension obligation, net of tax | 49,199 | (10,659) | 63,991 |
Total recognized in net periodic benefit cost and other comprehensive income | 61,135 | 8,787 | 76,027 |
Bancorporation Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | 2,567 | 3,341 | 832 |
Interest cost | 6,775 | 6,393 | 1,488 |
Expected return on assets | (11,101) | (11,482) | (2,807) |
Defined Benefit Plan, Curtailments | 0 | (2,076) | 0 |
Total pension expense | (1,759) | (1,748) | (487) |
Current year actuarial gain (loss) | (14,157) | (458) | (9,123) |
Total change in pension obligation, net of tax | 14,157 | (1,618) | 9,123 |
Total recognized in net periodic benefit cost and other comprehensive income | $ 12,398 | $ (3,366) | $ 8,636 |
Employee Benefit Plans (Assumptions Used) (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
BancShares Plan | |||
Assumptions used to determine the benefit obligations | |||
Discount rate | 4.30% | 4.68% | |
Rate of compensation increase | 4.00% | 4.00% | |
Assumptions used to determine net periodic benefit cost | |||
Discount rate | 4.68% | 4.27% | 4.90% |
Rate of compensation increase | 4.00% | 4.00% | 4.00% |
Expected long-term rate of return on plan assets (percent) | 7.50% | 7.50% | 7.50% |
Bancorporation Plan | |||
Assumptions used to determine the benefit obligations | |||
Discount rate | 4.30% | 4.68% | |
Rate of compensation increase | 4.00% | 4.00% | |
Assumptions used to determine net periodic benefit cost | |||
Discount rate | 4.68% | 4.27% | 4.35% |
Rate of compensation increase | 4.00% | 4.00% | 4.00% |
Expected long-term rate of return on plan assets (percent) | 7.50% | 7.50% | 7.50% |
Employee Benefit Plans (Fair Value and Allocation Of Plan Assets) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
BancShares Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | $ 600,616 | $ 550,025 | $ 544,956 |
Actual % of Plan Assets | 100.00% | 100.00% | |
BancShares Plan | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1 Inputs) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | $ 517,858 | $ 469,647 | |
BancShares Plan | Quoted Prices for Similar Assets and Liabilities (Level 2 Inputs) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 82,758 | 80,378 | |
BancShares Plan | Fair Value, Inputs, Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 0 | 0 | |
Bancorporation Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 152,084 | 150,893 | $ 155,618 |
Bancorporation Plan | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1 Inputs) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 124,940 | 126,392 | |
Bancorporation Plan | Quoted Prices for Similar Assets and Liabilities (Level 2 Inputs) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 27,144 | 24,501 | |
Bancorporation Plan | Fair Value, Inputs, Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 0 | 0 | |
Cash and equivalents | BancShares Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | $ 60,674 | $ 26,613 | |
Actual % of Plan Assets | 10.00% | 5.00% | |
Cash and equivalents | BancShares Plan | Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation | 0.00% | 0.00% | |
Cash and equivalents | BancShares Plan | Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation | 1.00% | 1.00% | |
Cash and equivalents | BancShares Plan | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1 Inputs) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | $ 60,674 | $ 26,613 | |
Cash and equivalents | BancShares Plan | Quoted Prices for Similar Assets and Liabilities (Level 2 Inputs) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 0 | 0 | |
Cash and equivalents | BancShares Plan | Fair Value, Inputs, Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 0 | 0 | |
Cash and equivalents | Bancorporation Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | $ 3,839 | $ 13,437 | |
Actual % of Plan Assets | 2.49% | 8.90% | |
Cash and equivalents | Bancorporation Plan | Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation | 0.00% | ||
Cash and equivalents | Bancorporation Plan | Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation | 1.00% | ||
Cash and equivalents | Bancorporation Plan | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1 Inputs) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | $ 3,839 | $ 13,437 | |
Cash and equivalents | Bancorporation Plan | Quoted Prices for Similar Assets and Liabilities (Level 2 Inputs) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 0 | 0 | |
Cash and equivalents | Bancorporation Plan | Fair Value, Inputs, Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 0 | 0 | |
Equity Securities | BancShares Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | $ 66,015 | $ 267,037 | |
Actual % of Plan Assets | 54.00% | 63.00% | |
Equity Securities | BancShares Plan | Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation | 30.00% | 55.00% | |
Equity Securities | BancShares Plan | Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation | 70.00% | 65.00% | |
Equity Securities | BancShares Plan | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1 Inputs) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | $ 65,964 | $ 267,037 | |
Equity Securities | BancShares Plan | Quoted Prices for Similar Assets and Liabilities (Level 2 Inputs) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 51 | 0 | |
Equity Securities | BancShares Plan | Fair Value, Inputs, Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 0 | 0 | |
Equity Securities | Bancorporation Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | $ 18,274 | $ 80,676 | |
Target Allocation | 60.00% | ||
Actual % of Plan Assets | 58.00% | 63.00% | |
Equity Securities | Bancorporation Plan | Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation | 30.00% | ||
Equity Securities | Bancorporation Plan | Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation | 70.00% | ||
Equity Securities | Bancorporation Plan | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1 Inputs) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | $ 18,260 | $ 80,676 | |
Equity Securities | Bancorporation Plan | Quoted Prices for Similar Assets and Liabilities (Level 2 Inputs) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 14 | 0 | |
Equity Securities | Bancorporation Plan | Fair Value, Inputs, Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | $ 0 | $ 0 | |
Debt Securities | BancShares Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actual % of Plan Assets | 28.00% | 26.00% | |
Debt Securities | BancShares Plan | Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation | 15.00% | 25.00% | |
Debt Securities | BancShares Plan | Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation | 45.00% | 40.00% | |
Debt Securities | Bancorporation Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actual % of Plan Assets | 31.00% | 22.00% | |
Debt Securities | Bancorporation Plan | Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation | 15.00% | ||
Debt Securities | Bancorporation Plan | Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation | 45.00% | ||
Equity mutual funds | BancShares Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | $ 256,976 | $ 78,645 | |
Equity mutual funds | BancShares Plan | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1 Inputs) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 252,710 | 78,645 | |
Equity mutual funds | BancShares Plan | Quoted Prices for Similar Assets and Liabilities (Level 2 Inputs) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 4,266 | 0 | |
Equity mutual funds | BancShares Plan | Fair Value, Inputs, Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 0 | 0 | |
Equity mutual funds | Bancorporation Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 69,978 | 15,005 | |
Equity mutual funds | Bancorporation Plan | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1 Inputs) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 68,832 | 15,005 | |
Equity mutual funds | Bancorporation Plan | Quoted Prices for Similar Assets and Liabilities (Level 2 Inputs) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 1,146 | 0 | |
Equity mutual funds | Bancorporation Plan | Fair Value, Inputs, Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 0 | 0 | |
US government and government agency securities | BancShares Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 57,890 | 58,526 | |
US government and government agency securities | BancShares Plan | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1 Inputs) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 47,647 | 48,957 | |
US government and government agency securities | BancShares Plan | Quoted Prices for Similar Assets and Liabilities (Level 2 Inputs) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 10,243 | 9,569 | |
US government and government agency securities | BancShares Plan | Fair Value, Inputs, Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 0 | 0 | |
US government and government agency securities | Bancorporation Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 15,407 | 20,476 | |
US government and government agency securities | Bancorporation Plan | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1 Inputs) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 8,919 | 3,986 | |
US government and government agency securities | Bancorporation Plan | Quoted Prices for Similar Assets and Liabilities (Level 2 Inputs) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 6,488 | 16,490 | |
US government and government agency securities | Bancorporation Plan | Fair Value, Inputs, Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 0 | 0 | |
Corporate Bonds | BancShares Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 68,198 | 70,809 | |
Corporate Bonds | BancShares Plan | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1 Inputs) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 0 | 0 | |
Corporate Bonds | BancShares Plan | Quoted Prices for Similar Assets and Liabilities (Level 2 Inputs) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 68,198 | 70,809 | |
Corporate Bonds | BancShares Plan | Fair Value, Inputs, Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 0 | 0 | |
Corporate Bonds | Bancorporation Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 19,496 | 8,011 | |
Corporate Bonds | Bancorporation Plan | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1 Inputs) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 0 | 0 | |
Corporate Bonds | Bancorporation Plan | Quoted Prices for Similar Assets and Liabilities (Level 2 Inputs) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 19,496 | 8,011 | |
Corporate Bonds | Bancorporation Plan | Fair Value, Inputs, Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 0 | 0 | |
Fixed Income Mutual Funds | BancShares Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 42,849 | 17,351 | |
Fixed Income Mutual Funds | BancShares Plan | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1 Inputs) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 42,849 | 17,351 | |
Fixed Income Mutual Funds | BancShares Plan | Quoted Prices for Similar Assets and Liabilities (Level 2 Inputs) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 0 | 0 | |
Fixed Income Mutual Funds | BancShares Plan | Fair Value, Inputs, Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 0 | 0 | |
Fixed Income Mutual Funds | Bancorporation Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 11,822 | 4,198 | |
Fixed Income Mutual Funds | Bancorporation Plan | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1 Inputs) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 11,822 | 4,198 | |
Fixed Income Mutual Funds | Bancorporation Plan | Quoted Prices for Similar Assets and Liabilities (Level 2 Inputs) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 0 | 0 | |
Fixed Income Mutual Funds | Bancorporation Plan | Fair Value, Inputs, Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 0 | 0 | |
Alternative investments | BancShares Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | $ 48,014 | $ 31,044 | |
Actual % of Plan Assets | 8.00% | 6.00% | |
Alternative investments | BancShares Plan | Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation | 0.00% | 0.00% | |
Alternative investments | BancShares Plan | Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation | 30.00% | 8.00% | |
Alternative investments | BancShares Plan | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1 Inputs) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | $ 48,014 | $ 31,044 | |
Alternative investments | BancShares Plan | Quoted Prices for Similar Assets and Liabilities (Level 2 Inputs) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 0 | 0 | |
Alternative investments | BancShares Plan | Fair Value, Inputs, Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 0 | 0 | |
Alternative investments | Bancorporation Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | $ 13,268 | 9,090 | |
Actual % of Plan Assets | 9.00% | ||
Defined Benefit Plan, Target Allocation Percentage | 0.05 | ||
Alternative investments | Bancorporation Plan | Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation | 0.00% | ||
Alternative investments | Bancorporation Plan | Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation | 30.00% | ||
Alternative investments | Bancorporation Plan | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1 Inputs) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | $ 13,268 | 9,090 | |
Alternative investments | Bancorporation Plan | Quoted Prices for Similar Assets and Liabilities (Level 2 Inputs) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 0 | 0 | |
Alternative investments | Bancorporation Plan | Fair Value, Inputs, Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | $ 0 | $ 0 | |
Fixed Income And Cash | Bancorporation Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation | 35.00% |
Employee Benefit Plans (Projected Benefit Payments) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | $ 50,000 | $ 30,000 |
BancShares Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Accumulated Benefit Obligation | 587,327 | 533,125 |
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | 50,000 | 30,000 |
2014 | 23,932 | |
2015 | 25,377 | |
2016 | 26,868 | |
2017 | 28,499 | |
2018 | 30,193 | |
2019-2023 | 176,048 | |
Bancorporation Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Accumulated Benefit Obligation | 143,676 | $ 131,879 |
2014 | 6,227 | |
2015 | 6,618 | |
2016 | 6,903 | |
2017 | 7,287 | |
2018 | 7,821 | |
2019-2023 | $ 45,713 |
Employee Benefit Plans (Present Value of Accrued Liability) (Details) - Executives Directors And Officer Of Acquired Entities [Member] - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Present Value Of Accrued Liability [Roll Forward] | ||
Present value of accrued liability as of January 1 | $ 39,878 | $ 43,211 |
Benefit expense | 3,232 | 1,386 |
Benefits paid | (4,194) | (4,485) |
Benefits forfeited | (319) | (234) |
Present value of accrued liability as of December 31 | $ 38,597 | $ 39,878 |
Other Noninterest Income and Other Noninterest Expense (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Other Operating Cost and Expense [Line Items] | |||
Other Noninterest Income | $ 34,170 | $ 36,359 | $ 29,277 |
Other Noninterest Expense | 200,047 | 189,892 | 152,835 |
PCI Loans | |||
Other Operating Cost and Expense [Line Items] | |||
Proceeds from Recoveries of Loans Previously Charged off | 20,100 | 21,200 | 16,200 |
Telecommunication | |||
Other Operating Cost and Expense [Line Items] | |||
Other Noninterest Expense | 14,496 | 14,406 | 10,834 |
Cardholder Reward Programs | |||
Other Operating Cost and Expense [Line Items] | |||
Other Noninterest Expense | 10,615 | 11,069 | 8,252 |
Processing Fees Paid To Third Parties | |||
Other Operating Cost and Expense [Line Items] | |||
Other Noninterest Expense | 18,976 | 18,779 | 17,089 |
Collection | |||
Other Operating Cost and Expense [Line Items] | |||
Other Noninterest Expense | 8,889 | 9,649 | 11,595 |
Consultant | |||
Other Operating Cost and Expense [Line Items] | |||
Other Noninterest Expense | 10,931 | 8,925 | 10,168 |
Core Deposit Intangible Amortization [Member] | |||
Other Operating Cost and Expense [Line Items] | |||
Other Noninterest Expense | 16,851 | 18,892 | 6,955 |
Advertising | |||
Other Operating Cost and Expense [Line Items] | |||
Other Noninterest Expense | 10,239 | 12,431 | 11,461 |
Other Expense | |||
Other Operating Cost and Expense [Line Items] | |||
Other Noninterest Expense | $ 109,050 | $ 95,741 | $ 76,481 |
Income Taxes (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Income Tax Disclosure [Abstract] | |||
Deferred Tax Assets, Operating Loss Carryforwards | $ 14,300 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 357 | $ 298 | $ 1,127 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning balance of unrecognized tax benefits | 5,975 | 3,865 | 2,823 |
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | (327) | (79) | 0 |
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions | 23,231 | 2,189 | 1,042 |
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 0 | 0 | 0 |
Ending balance of unrecognized tax benefits | 28,879 | 5,975 | 3,865 |
Current tax expense | |||
Federal | 84,946 | 105,367 | 84,430 |
State | 7,493 | 16,111 | 13,941 |
Total current tax expense | 92,439 | 121,478 | 98,371 |
Deferred Income Tax Expense (Benefit) | |||
Federal | 23,144 | (2,758) | (30,658) |
State | 10,002 | 3,308 | (2,681) |
Total deferred tax expense (benefit) | 33,146 | 550 | (33,339) |
Total income tax expense | $ 125,585 | 122,028 | 65,032 |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Federal statutory rate | 35.00% | ||
Income taxes at statutory rates | $ 122,874 | 116,345 | 71,258 |
Nontaxable income on loans, leases and investments, net of nondeductible expenses | (2,901) | (3,020) | (1,832) |
State and local income taxes, including change in valuation allowance, net of federal income tax benefit | 11,372 | 12,622 | 7,319 |
Effective Income Tax Rate Reconciliation, Acquisition Stock Settlement, Amount | (98) | 0 | (10,185) |
Tax credits | (4,138) | (3,060) | (2,896) |
Other, net | (1,524) | (859) | 1,368 |
Total income tax expense | 125,585 | 122,028 | $ 65,032 |
Deferred Tax Assets, Net [Abstract] | |||
Allowance for loan and lease losses | 80,939 | 78,878 | |
Pension liability | 15,679 | 7,206 | |
Executive separation from service agreements | 14,278 | 9,856 | |
State operating loss carryforwards | 0 | 21 | |
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | 5,019 | 0 | |
Unrealized loss on cash flow hedge | 0 | 537 | |
Net unrealized loss on securities included in accumulated other comprehensive loss | 26,832 | 9,379 | |
Deferred Tax Assets, Property, Plant and Equipment | 133 | 13,195 | |
Deferred Tax Assets, FDIC-Assisted Transaction Timing Differences, Amount | 52,579 | 66,456 | |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Reserves | 10,504 | 10,772 | |
Other | 26,663 | 29,279 | |
Gross deferred tax asset | 232,626 | 225,579 | |
Lease financing activities | 11,651 | 15,492 | |
Net deferred loan fees and costs | 10,867 | 6,051 | |
Intangible assets | 6,335 | 2,040 | |
Deferred Tax Liability, Mark to Market Section 475, Amount | 22,656 | 31,486 | |
Other | 8,501 | 12,026 | |
Deferred tax liability | 60,010 | 67,095 | |
Net deferred tax assets | $ 172,616 | $ 158,484 |
Transactions with Related Persons (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Loans and Leases Receivable, Related Parties [Roll Forward] | |||
Beginning balance | $ 79 | $ 1,045 | |
New loans | 314 | 5 | |
Repayments | (40) | (971) | |
Ending balance | 353 | 79 | $ 1,045 |
Unfunded loan commitments available to related parties | $ 1,800 | $ 1,400 | |
Revenue from related parties | 17,200 | ||
Revenue from largest individual institution related parties | $ 16,800 |
Derivatives (Narrative) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Derivative [Line Items] | |||
Incremental interest expense paid to interest rate swap counterparties | $ 1,488 | $ 3,294 | $ 3,321 |
2011 Interest Rate Swap | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 93,500 | ||
Notional amount of interest rate derivatives | 0 | ||
Interest Rate Cash Flow Hedge Liability at Fair Value | $ 0 | $ 1,429 |
Derivatives (Schedule Of Interest Rate Swaps) (Details) - 2011 Interest Rate Swap - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Derivative [Line Items] | ||
Interest Rate Cash Flow Hedge Liability at Fair Value | $ 0 | $ 1,429 |
Derivative, Notional Amount | $ 93,500 |
Goodwill and Intangible Assets (Details) |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2016
USD ($)
$ / loans
Rate
|
Dec. 31, 2015
USD ($)
$ / loans
Rate
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2013
USD ($)
|
|
Servicing Asset at Amortized Cost [Line Items] | ||||
Servicing Asset at Amortized Cost | $ 20,415,000 | $ 19,351,000 | $ 16,688,000 | $ 16,000 |
Servicing Asset at Amortized Cost, Additions | 5,931,000 | 5,910,000 | 727,000 | |
Valuation Allowance for Impairment of Recognized Servicing Assets, Balance | 4,000 | 95,000 | 850,000 | $ 0 |
Residential Mortgage Loans Serviced | $ 2,490,000,000 | $ 2,150,000,000 | 1,950,000,000 | |
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Prepayment Speed | Rate | 10.42% | 11.01% | ||
Contractually Specified Servicing Fees, Late Fees, and Ancillary Fees Earned in Exchange for Servicing Financial Assets | $ 5,800,000 | $ 5,400,000 | 600,000 | |
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Cost to Service Loans | $ / loans | 62.75 | 56.61 | ||
Amortization | $ (4,958,000) | $ (4,002,000) | (919,000) | |
Goodwill [Roll Forward] | ||||
Beginning goodwill | 139,773,000 | 139,773,000 | ||
Ending goodwill | 150,601,000 | 139,773,000 | 139,773,000 | |
Finite-lived Intangible Assets [Roll Forward] | ||||
Beginning balance | 90,986,000 | |||
Finite Lived Intangible Assets Removed Due To Branch Sale | 0 | (85,000) | ||
Amortization | (16,850,000) | (18,892,000) | ||
Ending balance | 78,040,000 | 90,986,000 | ||
Finite-Lived Intangible Assets [Abstract] | ||||
Gross balance | 118,041,000 | 115,201,000 | ||
Accumulated amortization | (60,416,000) | (43,566,000) | ||
Carrying value | 57,625,000 | 71,635,000 | ||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||||
2015 | 14,556,000 | |||
2016 | 12,220,000 | |||
2017 | 9,892,000 | |||
2018 | 7,838,000 | |||
2019 | 5,996,000 | |||
Other Intangible Assets, Net | 57,625,000 | 71,635,000 | 89,922,000 | |
Valuation Allowance for Impairment of Recognized Servicing Assets, Provisions (Recoveries) | (91,000) | (755,000) | 850,000 | |
1st Financial | ||||
Servicing Asset at Amortized Cost [Line Items] | ||||
Servicing Asset at Fair Value, Additions | $ 0 | 0 | 148,000 | |
Goodwill [Roll Forward] | ||||
Useful life | 3 months | |||
Cordia Bancorp Inc. | ||||
Goodwill [Roll Forward] | ||||
Goodwill acquired | $ 10,828,000 | 0 | ||
Finite-lived Intangible Assets [Roll Forward] | ||||
Intangible assets acquired | 2,210,000 | 0 | ||
Capitol City Bank and Trust | ||||
Finite-lived Intangible Assets [Roll Forward] | ||||
Intangible assets acquired | 0 | 690,000 | ||
North Milwaukee State Bank | ||||
Finite-lived Intangible Assets [Roll Forward] | ||||
Intangible assets acquired | 240,000 | 0 | ||
First CornerStone Bank | ||||
Finite-lived Intangible Assets [Roll Forward] | ||||
Intangible assets acquired | 390,000 | 0 | ||
Bancorporation | ||||
Servicing Asset at Amortized Cost [Line Items] | ||||
Servicing Asset at Fair Value, Additions | $ 0 | $ 0 | $ 17,566,000 | |
Goodwill [Roll Forward] | ||||
Useful life | 5 years 6 months | |||
Conventional fixed loans | ||||
Servicing Asset at Amortized Cost [Line Items] | ||||
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Discount Rate | Rate | 9.45% | 9.31% | ||
All loans and leases excluding conventional fixed loans [Member] | ||||
Servicing Asset at Amortized Cost [Line Items] | ||||
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Discount Rate | Rate | 10.45% | 10.31% | ||
Core deposits | Minimum | ||||
Goodwill [Roll Forward] | ||||
Useful life | 2 years | |||
Core deposits | Maximum | ||||
Goodwill [Roll Forward] | ||||
Useful life | 9 years |
Shareholders' Equity, Dividends Restrictions and Other Regulatory Matters (Details) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016
USD ($)
vote
shares
|
Dec. 31, 2015
USD ($)
shares
|
Dec. 31, 2014
USD ($)
|
|
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Capital required for common equity Tier 1 capital to risk-weighted assets | 4.50% | ||
Tier 1 Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 6.00% | ||
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | ||
Leverage Capital Required Ratio To Tangible Assets | 4.00% | ||
Percent Of Trust Preferred Securities Excluded From Tier One Starting In 2013 | 75.00% | ||
Remaining Percent of Trust Preferred Securities Excluded from Tier One After 2015 | 25.00% | ||
Tier 2 capital | $ 3,000 | $ 6,000 | |
Subordinated Debt, Annual Tier 2 Discount Percentage | 20.00% | ||
Maximum Undivided Profits Elgible For Dividend Payment Without Changing Well Capitalized Status | $ 928,700 | ||
Average Required Maintence Of Non Interst Bearing Reserve Balance | $ 575,700 | ||
Capital Conservation Buffer, Annual Percentage Increase | 0.625% | ||
Capital Conservation Buffer | 2.50% | ||
Common Class A [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Votes per share of common stock | vote | 1 | ||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | shares | 200,000 | ||
Stock Repurchased During Period, Shares | shares | 0 | ||
Class B Common Stock | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Votes per share of common stock | vote | 16 | ||
Stock Repurchased and Retired During Period, Shares | shares | 0 | 0 | |
Parent | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Dividends from subsidiaries | $ 90,055 | $ 75,006 | $ 30,000 |
BancShares [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Tier 1 Capital for Capital Adequacy | 2,995,557 | 2,831,242 | |
Capital Required for Capital Adequacy | 3,339,986 | 3,140,212 | |
Leverage Capital Required for Capital Adequacy | $ 2,995,557 | $ 2,831,242 | |
Tier 1 Risk Based Capital to Risk Weighted Assets | 12.42% | 12.65% | |
Capital to Risk Weighted Assets | 13.85% | 14.03% | |
Leverage Capital to Average Assets | 9.05% | 8.96% | |
Tier 1 Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 8.00% | 8.00% | |
Common equity Tier 1 | $ 2,995,557 | $ 2,799,163 | |
Common equity Tier 1 to risk-weighted assets | 12.42294% | 12.50965% | |
Common equity Tier 1 required to be well capitalized to risk-weighted assets | 6.50% | 6.50% | |
Capital Required to be Well Capitalized | 10.00% | 10.00% | |
Leverage Capital Required to be Well Capitalized to Average Assets | 5.00% | 5.00% | |
Capital Conservation Buffer | 5.85% | ||
FCB [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Tier 1 Capital for Capital Adequacy | $ 2,942,829 | $ 2,821,475 | |
Capital Required for Capital Adequacy | 3,172,757 | 3,038,070 | |
Leverage Capital Required for Capital Adequacy | $ 2,942,829 | $ 2,821,475 | |
Tier 1 Risk Based Capital to Risk Weighted Assets | 12.25% | 12.64% | |
Capital to Risk Weighted Assets | 13.21% | 13.61% | |
Leverage Capital to Average Assets | 8.94% | 8.95% | |
Tier 1 Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 8.00% | 8.00% | |
Common equity Tier 1 | $ 2,942,829 | $ 2,821,475 | |
Common equity Tier 1 to risk-weighted assets | 12.25305% | 12.63988% | |
Common equity Tier 1 required to be well capitalized to risk-weighted assets | 6.50% | 6.50% | |
Capital Required to be Well Capitalized | 10.00% | 10.00% | |
Leverage Capital Required to be Well Capitalized to Average Assets | 5.00% | 5.00% | |
Capital Conservation Buffer | 5.21% |
Commitments and Contingencies (Details) - USD ($) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Guarantor Obligations [Line Items] | ||||
Amortization Method Qualified Affordable Housing Project Investments | $ 109,800 | $ 85,600 | ||
FDIC loss share receivable | 4,172 | 4,054 | $ 28,701 | $ 93,397 |
FDIC shared-loss payable | 97,008 | 126,453 | ||
Federal Home Loan Bank, Advances, Maturities Summary, Fixed Rate | 200,000 | |||
Commitments to Extend Credit | ||||
Guarantor Obligations [Line Items] | ||||
Unused Commitments to Extend Credit | 8,810,000 | 7,950,000 | ||
Affordable Housing Program Obligation | 57,100 | 41,800 | ||
Standby Letters of Credit | ||||
Guarantor Obligations [Line Items] | ||||
Guarantor obligations amount | $ 83,750 | 77,939 | ||
Recourse Obligation on Mortgage Loans Sold | ||||
Guarantor Obligations [Line Items] | ||||
Recourse Period, Maximum1 | 180 days | |||
Obligation to Repurchase Receivables Sold | ||||
Guarantor Obligations [Line Items] | ||||
Reserve for estimated losses arising from repurchase of loans | $ 3,000 | $ 3,000 | ||
Each Individual Advance [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Federal Home Loan Bank, Advances, Maturities Summary, Fixed Rate | $ 100,000 |
Accumulated Other Comprehensive Loss (Schedule Of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|||||||
Accumulated Other Comprehensive Income (Loss), before Tax | $ (214,481) | $ (104,352) | |||||||
Long-term obligations | 944,675 | 924,905 | $ 710,097 | ||||||
Deferred tax expense (benefit) | (79,289) | (39,912) | |||||||
Accumulated other comprehensive income (loss), net of tax | (135,192) | (64,440) | (52,981) | ||||||
Income taxes | (125,585) | (122,028) | (65,032) | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | [1] | 12,351 | 81 | ||||||
Securities gains (losses) | 26,673 | 10,817 | 29,096 | ||||||
Unrealized Gains on Investment Securities Available for Sale | |||||||||
Accumulated Other Comprehensive Income (Loss), before Tax | (72,707) | (24,504) | |||||||
Deferred tax expense (benefit) | (26,832) | (9,379) | |||||||
Accumulated other comprehensive income (loss), net of tax | [2] | (45,875) | (15,125) | 5,098 | |||||
Income taxes | [1] | (9,869) | (4,138) | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | [1],[2] | 16,804 | 6,679 | ||||||
Securities gains (losses) | [1] | 26,673 | 10,817 | ||||||
Funded Status of Defined Benefit Plan | |||||||||
Accumulated Other Comprehensive Income (Loss), before Tax | (141,774) | (78,419) | |||||||
Deferred tax expense (benefit) | (52,457) | (29,996) | |||||||
Accumulated other comprehensive income (loss), net of tax | [2] | (89,317) | (48,423) | (55,415) | |||||
Income taxes | [1] | 2,616 | 4,988 | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | [1],[2] | (4,453) | (6,598) | ||||||
Employee Benefits, prior service costs | [1] | (210) | (210) | ||||||
Reclassification adjustment for losses included in income before income taxes | [1] | (6,859) | (11,376) | ||||||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax | (7,069) | (11,586) | [1] | ||||||
Unrealized Loss on Cash Flow Hedges | |||||||||
Accumulated Other Comprehensive Income (Loss), before Tax | 0 | (1,429) | |||||||
Deferred tax expense (benefit) | 0 | (537) | |||||||
Accumulated other comprehensive income (loss), net of tax | [2] | 0 | (892) | $ (2,664) | |||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | [2] | $ 0 | $ 0 | ||||||
|
Accumulated Other Comrehensive Loss (Components of AOCI) (Details) - USD ($) $ in Thousands |
12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Beginning balance | $ (64,440) | $ (52,981) | ||||||
Other comprehensive (loss) income before reclassifications | (58,401) | (11,378) | ||||||
Amounts reclassified from accumulated other comprehensive (loss) income | [1] | (12,351) | (81) | |||||
Net current period other comprehensive (loss) income | (70,752) | (11,459) | $ (27,713) | |||||
Ending balance | (135,192) | (64,440) | (52,981) | |||||
Unrealized Loss on Cash Flow Hedges | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Beginning balance | [2] | (892) | (2,664) | |||||
Other comprehensive (loss) income before reclassifications | [2] | 892 | 1,772 | |||||
Amounts reclassified from accumulated other comprehensive (loss) income | [2] | 0 | 0 | |||||
Net current period other comprehensive (loss) income | [2] | 892 | 1,772 | |||||
Ending balance | [2] | 0 | (892) | (2,664) | ||||
Unrealized Gains on Investment Securities Available for Sale | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Beginning balance | [2] | (15,125) | 5,098 | |||||
Other comprehensive (loss) income before reclassifications | [2] | (13,946) | (13,544) | |||||
Amounts reclassified from accumulated other comprehensive (loss) income | [1],[2] | (16,804) | (6,679) | |||||
Net current period other comprehensive (loss) income | [2] | (30,750) | (20,223) | |||||
Ending balance | [2] | (45,875) | (15,125) | 5,098 | ||||
Defined Benefit Pension Items | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Beginning balance | [2] | (48,423) | (55,415) | |||||
Other comprehensive (loss) income before reclassifications | [2] | (45,347) | 394 | |||||
Amounts reclassified from accumulated other comprehensive (loss) income | [1],[2] | 4,453 | 6,598 | |||||
Net current period other comprehensive (loss) income | [2] | (40,894) | 6,992 | |||||
Ending balance | [2] | $ (89,317) | $ (48,423) | $ (55,415) | ||||
|
Accumulated Other Comprehensive Loss (Reclassifications out of AOCI) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||
Long-term obligations | $ 944,675 | $ 924,905 | $ 710,097 | ||||||
Securities gains (losses) | 26,673 | 10,817 | 29,096 | ||||||
Income taxes | (125,585) | (122,028) | $ (65,032) | ||||||
Amounts reclassified from accumulated other comprehensive income, net of tax | [1] | (12,351) | (81) | ||||||
Unrealized Loss on Cash Flow Hedges | |||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||
Amounts reclassified from accumulated other comprehensive income, net of tax | [2] | 0 | 0 | ||||||
Unrealized Gains on Investment Securities Available for Sale | |||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||
Securities gains (losses) | [1] | 26,673 | 10,817 | ||||||
Income taxes | [1] | (9,869) | (4,138) | ||||||
Amounts reclassified from accumulated other comprehensive income, net of tax | [1],[2] | (16,804) | (6,679) | ||||||
Defined Benefit Pension Items | |||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||
Employee Benefits, prior service costs | [1] | (210) | (210) | ||||||
Reclassification adjustment for losses included in income before income taxes | [1] | (6,859) | (11,376) | ||||||
Total before taxes | (7,069) | (11,586) | [1] | ||||||
Income taxes | [1] | 2,616 | 4,988 | ||||||
Amounts reclassified from accumulated other comprehensive income, net of tax | [1],[2] | $ 4,453 | $ 6,598 | ||||||
|
Parent Company Financial Statements (Details) - USD ($) |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Assets | ||||
Overnight investments | $ 1,872,594,000 | $ 2,063,132,000 | ||
Investment securities | 7,006,580,000 | 6,861,293,000 | ||
Other assets | 471,412,000 | 417,391,000 | ||
Total assets | 32,990,836,000 | 31,475,934,000 | ||
Liabilities and Shareholders' Equity | ||||
Short-term borrowings | 603,487,000 | 594,733,000 | ||
Long-term obligations | 832,942,000 | 704,155,000 | ||
Other liabilities | 283,629,000 | 247,729,000 | ||
Stockholders' equity | 3,012,427,000 | 2,872,109,000 | $ 2,687,594,000 | $ 2,071,462,000 |
Total liabilities and shareholders' equity | 32,990,836,000 | 31,475,934,000 | ||
Income Statement [Abstract] | ||||
Interest expense | 43,082,000 | 44,304,000 | 50,351,000 | |
Net interest income (loss) | 944,675,000 | 924,905,000 | 710,097,000 | |
Income tax benefit | 125,585,000 | 122,028,000 | 65,032,000 | |
Net income | 225,482,000 | 210,386,000 | 138,562,000 | |
OPERATING ACTIVITIES | ||||
Net income | 225,482,000 | 210,386,000 | 138,562,000 | |
Net amortization of premiums and accretion of discounts | (44,618,000) | (85,066,000) | (48,374,000) | |
Gain on elimination of acquired debt | 0 | 0 | (1,988,000) | |
Securities (gains) losses | (26,673,000) | (10,817,000) | (29,096,000) | |
Other than temporary impairment on securities | 0 | |||
Change in other assets | (27,656,000) | (12,904,000) | (72,680,000) | |
Change in other liabilities | (25,520,000) | 14,458,000 | 1,319,000 | |
INVESTING ACTIVITIES | ||||
Net change in overnight investments | 233,433,000 | (338,213,000) | 221,730,000 | |
Business acquisitions, net of cash acquired | (727,000) | 123,137,000 | 182,370,000 | |
Net change in short-term borrowings | (33,072,000) | (397,952,000) | (25,321,000) | |
Retirement of long-term obligations | (11,213,000) | (5,896,000) | (54,301,000) | |
Stock issuance costs | 0 | 0 | (619,000) | |
Cash dividends paid | (14,412,000) | (18,015,000) | (11,543,000) | |
Net change in cash | 5,655,000 | (70,096,000) | 70,583,000 | |
Cash and due from banks at beginning of period | 534,086,000 | 604,182,000 | 533,599,000 | |
Cash and due from banks at end of period | 539,741,000 | 534,086,000 | 604,182,000 | |
Cash payments for | ||||
Interest | 44,998,000 | 46,785,000 | 48,894,000 | |
Income taxes | 108,741,000 | 136,900,000 | 127,970,000 | |
Parent | ||||
Assets | ||||
Cash | 8,278,000 | 24,869,000 | ||
Overnight investments | 26,157,000 | 1,416,000 | ||
Investment securities | 95,564,000 | 21,137,000 | ||
Investment in Banking Subsidiaries | 2,932,048,000 | 2,874,581,000 | ||
Investment in Other Subsidiaries | 41,066,000 | 43,117,000 | ||
Other assets | 92,787,000 | 73,944,000 | ||
Total assets | 3,195,900,000 | 3,039,064,000 | ||
Liabilities and Shareholders' Equity | ||||
Long-term obligations | 126,861,000 | 133,775,000 | ||
Due to Affiliate | 56,323,000 | 29,682,000 | ||
Other liabilities | 289,000 | 3,498,000 | ||
Stockholders' equity | 3,012,427,000 | 2,872,109,000 | ||
Total liabilities and shareholders' equity | 3,195,900,000 | 3,039,064,000 | ||
Income Statement [Abstract] | ||||
Interest income | 1,110,000 | 645,000 | 1,784,000 | |
Interest expense | 6,067,000 | 6,793,000 | 9,694,000 | |
Net interest income (loss) | (4,957,000) | (6,148,000) | (7,910,000) | |
Dividends from subsidiaries | 90,055,000 | 75,006,000 | 30,000,000 | |
Dividend Income, Banking Subsidiaries | 82,419,000 | |||
Dividends from subsidiaries | 0 | 23,500,000 | 0 | |
Other income (loss) | 9,330,000 | 1,870,000 | 33,600,000 | |
Other operating expense | 5,641,000 | 2,634,000 | 6,534,000 | |
Income before income tax benefit and equity in undistributed net income of subsidiaries | 88,787,000 | 91,594,000 | 101,575,000 | |
Income tax benefit | (730,000) | (2,618,000) | (2,590,000) | |
Income before equity in undistributed net income of subsidiaries | 89,517,000 | 94,212,000 | 104,165,000 | |
Excess distributions (undistributed ) net income of subsidiaries | (135,965,000) | (116,174,000) | (34,397,000) | |
Net income | 225,482,000 | 210,386,000 | 138,562,000 | |
OPERATING ACTIVITIES | ||||
Net income | 225,482,000 | 210,386,000 | 138,562,000 | |
Excess distributions (undistributed ) net income of subsidiaries | (135,965,000) | (116,174,000) | (34,397,000) | |
Net amortization of premiums and accretion of discounts | (6,838,000) | (2,712,000) | 594,000 | |
Gain on elimination of acquired debt | 0 | 0 | (1,988,000) | |
Securities (gains) losses | (9,446,000) | (236,000) | (29,126,000) | |
Change in other assets | (20,845,000) | (3,070,000) | 93,385,000 | |
Change in other liabilities | (1,780,000) | (1,157,000) | 2,250,000 | |
Net cash provided by (Used in) Operating Activities | 50,608,000 | 87,037,000 | 169,280,000 | |
INVESTING ACTIVITIES | ||||
Net change in due from subsidiaries | 0 | 295,994,000 | (150,328,000) | |
Net change in overnight investments | (24,741,000) | (1,416,000) | 0 | |
Purchases of investment securities | (93,003,000) | (7,818,000) | (33,243,000) | |
Maturities and sales of investment securities | 38,316,000 | 100,586,000 | 114,208,000 | |
Investment in subsidiaries | 0 | 0 | 1,579,000 | |
Business acquisitions, net of cash acquired | 0 | 0 | (24,772,000) | |
Net Cash Provided by (Used in) Investing Activities | (79,428,000) | 387,346,000 | (92,556,000) | |
Change in Due to Subsidiaries | 26,641,000 | 29,682,000 | 0 | |
Net change in short-term borrowings | 0 | (485,207,000) | (1,211,000) | |
Retirement of long-term obligations | 0 | 0 | (52,372,000) | |
Stock issuance costs | 0 | 0 | (619,000) | |
Cash dividends paid | (14,412,000) | (18,015,000) | (11,543,000) | |
Net cash used by financing activities | 12,229,000 | (473,540,000) | (65,745,000) | |
Net change in cash | (16,591,000) | 843,000 | 10,979,000 | |
Cash and due from banks at beginning of period | 24,869,000 | 24,026,000 | 13,047,000 | |
Cash and due from banks at end of period | $ 8,278,000 | $ 24,869,000 | $ 24,026,000 |
Subsequent Event (Details) - USD ($) $ in Thousands |
Jan. 13, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|---|
Subsequent Event [Line Items] | |||
Deposits | $ 28,161,343 | $ 26,930,755 | |
Loans and Leases Receivable, Gross | 21,737,878 | $ 20,239,990 | |
Harvest Community Bank [Member] | |||
Subsequent Event [Line Items] | |||
Deposits | 122,200 | ||
Loans and Leases Receivable, Gross | $ 98,800 | ||
Harvest Community Bank [Member] | Subsequent Event | |||
Subsequent Event [Line Items] | |||
Business Combination Cash Received From FDIC In Acquisition | $ 22,800 |
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